Almonty Industries (NASDAQ:ALM) Trading Down 7.8% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s share price dropped 7.8% during trading on Tuesday . The stock traded as low as $10.63 and last traded at $10.68. Approximately 1,843,508 shares changed hands during trading, a decline of 59% from the average daily volume of 4,473,242 shares. The stock had previously closed at $11.58.

Analysts Set New Price Targets

Several research firms have commented on ALM. Oppenheimer upped their target price on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Wall Street Zen raised Almonty Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. DA Davidson reissued a “buy” rating and issued a $12.00 price target on shares of Almonty Industries in a report on Friday, December 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Almonty Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.17.

Almonty Industries Stock Down 4.5%

The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 16.37. The firm has a market capitalization of $2.91 billion and a price-to-earnings ratio of -48.08. The firm has a 50-day simple moving average of $8.17.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Telemark Asset Management LLC acquired a new stake in shares of Almonty Industries during the 3rd quarter valued at $7,839,000. Alyeska Investment Group L.P. acquired a new stake in Almonty Industries during the third quarter valued at $7,839,000. ArrowMark Colorado Holdings LLC purchased a new position in Almonty Industries in the third quarter valued at about $7,807,000. Millennium Management LLC acquired a new position in Almonty Industries in the 3rd quarter worth about $5,948,000. Finally, Sei Investments Co. purchased a new stake in shares of Almonty Industries during the 3rd quarter worth about $2,563,000.

Almonty Industries Company Profile

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.