Short Interest in Alpha Metallurgical Resources, Inc. (NYSE:AMR) Declines By 29.2%

Key Points

• Short interest in Alpha Metallurgical Resources, Inc. decreased by 29.2% in August, with 1,090,000 shares sold short, representing 10.0% of the company's total shares.
• Wall Street analysts have upgraded the stock, with a target price increase from $110.00 to $150.00 by Jefferies Financial Group, and it currently holds a consensus rating of "Hold" with an average target price of $160.50.
• Alpha Metallurgical reported a loss of ($0.38) EPS for its last quarter, significantly outperforming estimates, despite a 31.6% year-over-year decline in revenue.

Alpha Metallurgical Resources, Inc. (NYSE:AMR - Get Free Report) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totaling 1,090,000 shares, adeclineof29.2% from the July 31st total of 1,540,000 shares. Currently,10.0% of the company's shares are sold short. Based on an average trading volume of 395,800 shares, the days-to-cover ratio is presently 2.8 days. Based on an average trading volume of 395,800 shares, the days-to-cover ratio is presently 2.8 days. Currently,10.0% of the company's shares are sold short.

Wall Street Analysts Forecast Growth

AMR has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Alpha Metallurgical Resources from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Jefferies Financial Group upped their target price on shares of Alpha Metallurgical Resources from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Finally, B. Riley cut their target price on shares of Alpha Metallurgical Resources from $173.00 to $171.00 and set a "buy" rating on the stock in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Alpha Metallurgical Resources currently has a consensus rating of "Hold" and an average target price of $160.50.

Alpha Metallurgical Resources Stock Up 7.4%

Shares of Alpha Metallurgical Resources stock opened at $145.92 on Monday. The firm has a market capitalization of $1.90 billion, a P/E ratio of -51.20 and a beta of 0.64. Alpha Metallurgical Resources has a 52 week low of $97.41 and a 52 week high of $255.04. The firm's 50 day moving average is $131.95 and its two-hundred day moving average is $125.58.

Alpha Metallurgical Resources (NYSE:AMR - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The energy company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($2.38) by $2.00. The company had revenue of $550.27 million for the quarter, compared to analyst estimates of $552.15 million. Alpha Metallurgical Resources had a negative net margin of 1.57% and a negative return on equity of 2.28%. The firm's revenue was down 31.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.49 earnings per share. As a group, research analysts expect that Alpha Metallurgical Resources will post 14.31 earnings per share for the current fiscal year.

Insider Transactions at Alpha Metallurgical Resources

In other Alpha Metallurgical Resources news, COO Jason E. Whitehead sold 12,004 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $161.84, for a total value of $1,942,727.36. Following the transaction, the chief operating officer owned 9,673 shares of the company's stock, valued at $1,565,478.32. This represents a 55.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Joshua Todd Munsey sold 2,135 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $157.00, for a total transaction of $335,195.00. Following the completion of the transaction, the chief financial officer directly owned 4,466 shares in the company, valued at $701,162. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 16.00% of the company's stock.

Hedge Funds Weigh In On Alpha Metallurgical Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in Alpha Metallurgical Resources by 27.2% in the second quarter. State Street Corp now owns 865,934 shares of the energy company's stock valued at $97,400,000 after acquiring an additional 185,281 shares during the period. Dalal Street LLC lifted its holdings in Alpha Metallurgical Resources by 11.0% in the second quarter. Dalal Street LLC now owns 460,327 shares of the energy company's stock valued at $51,778,000 after acquiring an additional 45,711 shares during the period. American Century Companies Inc. lifted its holdings in Alpha Metallurgical Resources by 3.4% in the second quarter. American Century Companies Inc. now owns 394,334 shares of the energy company's stock valued at $44,355,000 after acquiring an additional 12,884 shares during the period. Gendell Jeffrey L lifted its holdings in Alpha Metallurgical Resources by 30.9% in the second quarter. Gendell Jeffrey L now owns 296,396 shares of the energy company's stock valued at $33,339,000 after acquiring an additional 69,950 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Alpha Metallurgical Resources by 6.1% in the second quarter. Geode Capital Management LLC now owns 268,609 shares of the energy company's stock valued at $30,219,000 after acquiring an additional 15,525 shares during the period. 84.29% of the stock is currently owned by hedge funds and other institutional investors.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources, Inc, a mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia. The company offers metallurgical coal products. It operates twenty-two active mines and nine coal preparation and load-out facilities. The company was formerly known as Contura Energy, Inc and changed its name to Alpha Metallurgical Resources, Inc in February 2021.

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