Almonty Industries (NASDAQ:ALM) Stock Price Up 10.3% - What's Next?

Key Points

• Almonty Industries shares surged 10.3% to approximately $19.39 in midday trading, with about 5.62 million shares changing hands.
• Wall Street sentiment remains positive: analysts collectively rate the stock “Buy,” with a consensus price target of $26.81. Recent targets range from $25.00 to $33.00.
• Almonty has a market capitalization of roughly $5.58 billion and focuses on mining and developing tungsten assets, supplying a critical material for industrial applications.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) was up 10.3% during mid-day trading on Tuesday . The stock traded as high as $19.42 and last traded at $19.3870. 5,619,042 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 5,696,116 shares. The stock had previously closed at $17.57.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ALM. Oppenheimer upped their price objective on Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Jefferies Financial Group started coverage on Almonty Industries in a research note on Wednesday, September 2nd. They issued a "buy" rating and a $26.25 target price on the stock. DA Davidson boosted their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, Weiss Ratings raised shares of Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Almonty Industries currently has an average rating of "Buy" and a consensus target price of $26.81.

Almonty Industries Price Performance

The firm has a market capitalization of $5.58 billion, a P/E ratio of 121.07 and a beta of 3.75. 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 business has a fifty day moving average of $15.26 and a 200-day moving average of $17.38.

Hedge Funds Weigh In On Almonty Industries

Several large investors have recently bought and sold shares of ALM. Leonteq Securities AG acquired a new stake in shares of Almonty Industries in the 1st quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new position in shares of Almonty Industries during the fourth quarter valued at approximately $35,000. Rockefeller Capital Management L.P. raised its holdings in Almonty Industries by 30.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company's stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. State of Wyoming bought a new stake in Almonty Industries during the fourth quarter worth approximately $41,000. Finally, Pin Oak Investment Advisors Inc. acquired a new stake in Almonty Industries in the second quarter worth approximately $53,000.

About Almonty Industries

Almonty Industries is a Canada-based mining company focused on the production, development and acquisition of tungsten assets. The company’s principal business activity is the mining and processing of tungsten-bearing ore to produce tungsten concentrates for industrial customers. Almonty pursues both operating mines and advanced-stage development projects with the objective of supplying a critical raw material used in hardmetals, tooling, drilling and other industrial applications.

Almonty’s asset footprint has historically included operating and development projects in Europe and Asia.

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