Almonty Industries (NASDAQ:ALM) Trading Up 6.9% – Still a Buy?

Almonty Industries Inc. (NASDAQ:ALM) shares rose 6.9% during trading on Wednesday . The company traded as high as $9.45 and last traded at $9.45. Approximately 1,274,965 shares were traded during trading, a decline of 36% from the average daily volume of 2,001,213 shares. The stock had previously closed at $8.84.

Analysts Set New Price Targets

ALM has been the subject of a number of recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $12.00 target price on shares of Almonty Industries in a research report on Friday, December 19th. Oppenheimer increased their price objective on shares of Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Almonty Industries in a research note on Monday, December 15th. Finally, Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.17.

Almonty Industries Trading Up 7.4%

The firm has a market cap of $2.41 billion and a price-to-earnings ratio of -41.26. The company has a fifty day moving average of $7.14. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37.

Institutional Investors Weigh In On Almonty Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Telemark Asset Management LLC acquired a new position in shares of Almonty Industries in the 3rd quarter valued at $7,839,000. Alyeska Investment Group L.P. acquired a new position in shares of Almonty Industries in the third quarter worth about $7,839,000. ArrowMark Colorado Holdings LLC purchased a new position in shares of Almonty Industries in the third quarter worth approximately $7,807,000. Millennium Management LLC acquired a new stake in shares of Almonty Industries during the third quarter valued at approximately $5,948,000. Finally, Sei Investments Co. purchased a new position in Almonty Industries during the 3rd quarter worth approximately $2,563,000.

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.