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

Shares of Almonty Industries Inc. (NASDAQ:ALM) gapped down prior to trading on Thursday . The stock had previously closed at $13.62, but opened at $12.97. Almonty Industries shares last traded at $12.6860, with a volume of 734,360 shares trading hands.

Wall Street Analyst Weigh In

ALM has been the subject of several analyst reports. The Goldman Sachs Group started coverage on shares of Almonty Industries in a report on Thursday. They set a “neutral” rating and a $13.00 price target for the company. DA Davidson reiterated a “buy” rating and set a $33.00 target price on shares of Almonty Industries in a research note on Tuesday, September 15th. Jefferies Financial Group began coverage on Almonty Industries in a report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 target price on the stock. Oppenheimer raised their price target on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.05.

Almonty Industries Stock Down 7.5%

The firm has a market capitalization of $3.63 billion, a PE ratio of 78.77 and a beta of 3.75. The business’s fifty day moving average price is $15.18 and its 200 day moving average price is $17.20. The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37.

Institutional Trading of Almonty Industries

Several hedge funds have recently modified their holdings of ALM. Leonteq Securities AG purchased a new stake in shares of Almonty Industries during the 1st quarter worth $29,000. Rockefeller Capital Management L.P. boosted its holdings in 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 in the last quarter. Pin Oak Investment Advisors Inc. acquired a new position in Almonty Industries during the second quarter worth about $53,000. Nykredit A S purchased a new position in Almonty Industries in the second quarter valued at about $58,000. Finally, MCF Advisors LLC increased its holdings in Almonty Industries by 40.8% in the fourth quarter. MCF Advisors LLC now owns 14,084 shares of the company’s stock valued at $124,000 after buying an additional 4,084 shares in the last quarter.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company’s activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty’s principal assets include the Sangdong Tungsten Project in South Korea, one of the company’s key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.