Almonty Industries (NASDAQ:ALM) Shares Gap Down – Time to Sell?

Almonty Industries Inc. (NASDAQ:ALM) gapped down prior to trading on Friday . The stock had previously closed at $20.68, but opened at $17.77. Almonty Industries shares last traded at $17.2870, with a volume of 3,869,026 shares trading hands.

Analysts Set New Price Targets

ALM has been the subject of a number of analyst reports. B. Riley Financial raised their price target on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. DA Davidson restated a “buy” rating and set a $25.00 price target on shares of Almonty Industries in a research note on Thursday, March 26th. Oppenheimer raised their price target on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Texas Capital upgraded shares of Almonty Industries to a “strong-buy” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.88.

Almonty Industries Trading Down 19.1%

The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The firm has a market cap of $4.75 billion and a price-to-earnings ratio of -33.65. The business’s fifty day moving average is $19.20 and its two-hundred day moving average is $14.32.

Almonty Industries (NASDAQ:ALM) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $18.52 million during the quarter, compared to analyst estimates of $15.44 million. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. Equities analysts anticipate that Almonty Industries Inc. will post 0.71 earnings per share for the current fiscal year.

Institutional Trading of Almonty Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALM. Leonteq Securities AG bought a new stake in Almonty Industries during the 1st quarter worth about $29,000. FNY Investment Advisers LLC bought a new stake in Almonty Industries during the 3rd quarter worth about $30,000. Global Retirement Partners LLC bought a new stake in Almonty Industries during the 4th quarter worth about $35,000. Rockefeller Capital Management L.P. raised its holdings in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Almonty Industries during the 4th quarter worth $41,000.

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.