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

Almonty Industries Inc. (NASDAQ:ALM)’s share price gapped down before the market opened 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.

Analyst Upgrades and Downgrades

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

Almonty Industries Stock Down 19.1%

The business has a fifty day moving average of $19.20 and a 200 day moving average of $14.32. The firm has a market cap of $4.75 billion and a P/E ratio of -33.65. The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30.

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

Hedge Funds Weigh In On Almonty Industries

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in shares of Almonty Industries by 309.6% in the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock valued at $13,161,000 after buying an additional 686,982 shares during the period. Guardian Partners Inc. acquired a new position in shares of Almonty Industries in the 1st quarter valued at approximately $434,000. Royal Bank of Canada grew its position in shares of Almonty Industries by 6.1% in the 1st quarter. Royal Bank of Canada now owns 74,732 shares of the company’s stock valued at $1,082,000 after purchasing an additional 4,280 shares during the period. Encompass Capital Advisors LLC grew its position in shares of Almonty Industries by 47.9% in the 1st quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Almonty Industries by 23.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 57,031 shares of the company’s stock valued at $826,000 after purchasing an additional 10,849 shares during the period.

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.