Almonty Industries (NASDAQ:ALM) Shares Up 8.4% – Still a Buy?

Shares of Almonty Industries Inc. (NASDAQ:ALM) shot up 8.4% during trading on Tuesday . The company traded as high as $16.86 and last traded at $16.77. 2,190,082 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 4,560,212 shares. The stock had previously closed at $15.47.

Analyst Upgrades and Downgrades

ALM has been the topic of a number of research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. DA Davidson boosted their price target on shares of Almonty Industries from $12.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, B. Riley Financial lifted their target price on shares of Almonty Industries from $10.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.38.

Almonty Industries Price Performance

The firm has a 50 day moving average price of $11.22. The company has a market capitalization of $4.97 billion and a P/E ratio of -77.56. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.38 and a quick ratio of 2.25.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its position in shares of Almonty Industries by 13,294.7% during the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after acquiring an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in Almonty Industries in the fourth quarter worth about $25,620,000. Next Century Growth Investors LLC acquired a new stake in Almonty Industries in the fourth quarter worth about $16,345,000. Telemark Asset Management LLC bought a new stake in Almonty Industries during the 3rd quarter worth about $7,839,000. Finally, Alyeska Investment Group L.P. bought a new stake in Almonty Industries during the 3rd quarter worth about $7,839,000.

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.