Almonty Industries (NASDAQ:ALM) Shares Down 6.7% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) dropped 6.7% during mid-day trading on Monday . The company traded as low as $15.52 and last traded at $15.4990. 1,110,438 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 5,383,036 shares. The stock had previously closed at $16.61.

Wall Street Analyst Weigh In

ALM has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Almonty Industries in a research note on Thursday, June 18th. B. Riley Financial increased their target price on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Oppenheimer raised their target price on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. DA Davidson boosted their price target on Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Texas Capital raised Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Almonty Industries presently has a consensus rating of “Moderate Buy” and an average target price of $21.88.

Almonty Industries Price Performance

The stock’s 50 day moving average price is $18.10 and its two-hundred day moving average price is $16.12. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.45 and a quick ratio of 2.37. The firm has a market capitalization of $4.29 billion and a price-to-earnings ratio of -30.03.

Almonty Industries (NASDAQ:ALM) last posted its earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $18.52 million for 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%. On average, equities research analysts anticipate that Almonty Industries Inc. will post 0.46 EPS for the current year.

Hedge Funds Weigh In On Almonty Industries

A number of institutional investors have recently made changes to their positions in ALM. Leonteq Securities AG acquired a new position in shares of Almonty Industries during the 1st quarter worth about $29,000. FNY Investment Advisers LLC bought a new position in Almonty Industries in the 3rd quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new position in shares of Almonty Industries during the fourth quarter worth approximately $35,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Almonty Industries by 30.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after buying an additional 1,000 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Almonty Industries in the fourth quarter valued at approximately $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.