Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up – Time to Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL) gapped up prior to trading on Friday . The stock had previously closed at $4.30, but opened at $4.67. Algoma Steel Group shares last traded at $4.7650, with a volume of 1,478,120 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Jefferies Financial Group began coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating for the company. Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Algoma Steel Group Stock Performance

The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The stock has a market cap of $505.26 million, a PE ratio of -1.02 and a beta of 1.56. The business’s 50-day moving average price is $4.35 and its 200-day moving average price is $4.31.

Institutional Trading of Algoma Steel Group

Large investors have recently bought and sold shares of the stock. MMCAP International Inc. SPC increased its position in shares of Algoma Steel Group by 42.2% in the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after acquiring an additional 3,409,033 shares during the period. Maple Rock Capital Partners Inc. lifted its holdings in shares of Algoma Steel Group by 24.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 10,430,818 shares of the company’s stock worth $37,082,000 after purchasing an additional 2,034,018 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. boosted its position in Algoma Steel Group by 34.0% in the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,898,205 shares of the company’s stock valued at $26,983,000 after buying an additional 989,633 shares during the last quarter. Littlejohn & Co. LLC lifted its stake in Algoma Steel Group by 27.9% during the 4th quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock valued at $14,131,000 after acquiring an additional 752,616 shares during the period. Finally, Intact Investment Management Inc. increased its stake in shares of Algoma Steel Group by 37.1% in the second quarter. Intact Investment Management Inc. now owns 2,007,006 shares of the company’s stock worth $13,865,000 after acquiring an additional 543,245 shares during the period. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.