Almonty Industries (NASDAQ:ALM) Shares Gap Down - Should You Sell?

Key Points

• Almonty Industries shares fell 7.2%, opening at $11.46 versus the prior close of $11.87 and later trading near $11.25.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with one Strong Buy, five Buy and two Hold ratings; the average price target is $24.21, ranging from $13.00 to $33.00.
• The company has a $3.17 billion market capitalization and elevated valuation metrics, including a P/E ratio of 68.90 and beta of 4.15. Institutional investors, including Bank of America, have recently increased or initiated positions.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shares gapped down prior to trading on Monday. The stock had previously closed at $11.87, but opened at $11.46. Almonty Industries shares last traded at $11.2450, with a volume of 1,346,563 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on ALM. Weiss Ratings raised shares of Almonty Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, September 25th. Jefferies Financial Group started coverage on Almonty Industries in a report on Wednesday, September 2nd. They set a "buy" rating and a $26.25 price objective for the company. The Goldman Sachs Group began coverage on Almonty Industries in a report on Thursday, September 24th. They set a "hold" rating and a $13.00 price objective for the company. Stifel Nicolaus initiated coverage on Almonty Industries in a research report on Friday, September 25th. They issued a "buy" rating and a $25.00 target price on the stock. Finally, DA Davidson reiterated a "buy" rating and set a $33.00 target price on shares of Almonty Industries in a research note on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.21.

Almonty Industries Stock Down 7.2%

The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58. The stock has a market cap of $3.17 billion, a P/E ratio of 68.90 and a beta of 4.15. The stock's fifty day simple moving average is $15.13 and its 200-day simple moving average is $16.68.

Institutional Investors Weigh In On Almonty Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nykredit A S acquired a new position in Almonty Industries in the 2nd quarter valued at $58,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Almonty Industries during the 2nd quarter valued at $53,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Almonty Industries during the 2nd quarter worth $1,806,000. Bank of New York Mellon Corp acquired a new stake in shares of Almonty Industries during the 2nd quarter worth $7,118,000. Finally, Bank of America Corp DE grew its holdings in shares of Almonty Industries by 309.6% during the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company's stock worth $13,161,000 after purchasing an additional 686,982 shares in the last quarter.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical mineral used in industrial, manufacturing, defense and technology applications. The company's activities include the exploration, development and operation of tungsten properties, as well as the processing and sale of tungsten concentrates.

Almonty's portfolio includes the Panasqueira tungsten mine in Portugal, one of its producing assets, and the Sangdong tungsten project in South Korea, which the company is developing as a major source of tungsten supply.

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