Almonty Industries (NASDAQ:ALM) Shares Gap Up - Should You Buy?

Key Points

• Almonty Industries shares opened higher, rising from a prior close of $13.21 to $13.75 before trading at approximately $13.29, with nearly 1 million shares changing hands.
• Analyst sentiment is bullish: the stock has a consensus “Moderate Buy” rating and a $24.21 average price target, with recent targets ranging from $25.00 to $33.00.
• Almonty focuses on tungsten mining, including the Sangdong project in South Korea and the producing Panasqueira mine in Portugal; several institutional investors recently increased or initiated positions in the company.

Shares of Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) gapped up prior to trading on Tuesday. The stock had previously closed at $13.21, but opened at $13.75. Almonty Industries shares last traded at $13.2870, with a volume of 997,606 shares traded.

Wall Street Analysts Forecast Growth

ALM has been the subject of several recent analyst reports. Oppenheimer boosted their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. DA Davidson reaffirmed a "buy" rating and issued a $33.00 price target on shares of Almonty Industries in a report on Tuesday, September 15th. Jefferies Financial Group started coverage on Almonty Industries in a research report on Wednesday, September 2nd. They set a "buy" rating and a $26.25 price target for the company. Stifel Nicolaus began coverage on Almonty Industries in a report on Friday. They set a "buy" rating and a $25.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Almonty Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Almonty Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.21.

Almonty Industries Price Performance

The business's fifty day moving average price is $15.15 and its 200-day moving average price is $17.05. The company has a market capitalization of $3.74 billion, a P/E ratio of 80.73 and a beta of 3.75. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Institutional Investors Weigh In On Almonty Industries

Several hedge funds have recently added to or reduced their stakes in ALM. Cooper Creek Partners Management LLC raised its holdings in shares of Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock valued at $69,235,000 after buying an additional 2,508,478 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in Almonty Industries by 47.9% in the 1st quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company's stock worth $62,276,000 after buying an additional 1,392,806 shares during the last quarter. Next Century Growth Investors LLC bought a new stake in Almonty Industries in the 4th quarter worth approximately $16,345,000. Bank of America Corp DE boosted its stake in Almonty Industries by 309.6% in the first quarter. Bank of America Corp DE now owns 908,911 shares of the company's stock worth $13,161,000 after buying an additional 686,982 shares in the last quarter. Finally, Walleye Capital LLC purchased a new stake in Almonty Industries in the first quarter worth approximately $12,953,000.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company's activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty's principal assets include the Sangdong Tungsten Project in South Korea, one of the company's key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.

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