Almonty Industries (NASDAQ:ALM) Shares Up 6% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) shot up 6% during mid-day trading on Wednesday. The company traded as high as $9.37 and last traded at $9.4350. 1,093,765 shares changed hands during trading, a decline of 81% from the average daily volume of 5,841,230 shares. The stock had previously closed at $8.90.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Almonty Industries in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of Almonty Industries in a research report on Thursday, September 24th. They set a “hold” rating and a $13.00 target price for the company. Stifel Nicolaus decreased their price target on shares of Almonty Industries from $25.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings raised shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 25th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $33.00 price target on shares of Almonty Industries in a report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.54.

Almonty Industries Trading Up 4.0%

The firm has a fifty day moving average of $14.65 and a two-hundred day moving average of $16.44. The company has a market cap of $2.67 billion, a PE ratio of 57.88 and a beta of 4.15. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Hedge Funds Weigh In On Almonty Industries

Several large investors have recently modified their holdings of the business. Encompass Capital Advisors LLC raised its position in shares of Almonty Industries by 47.9% in the first 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. Bank of America Corp DE lifted its stake in shares of Almonty Industries by 309.6% during 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 in the last quarter. Bank of New York Mellon Corp bought a new position in Almonty Industries in the 2nd quarter worth approximately $7,118,000. Public Employees Retirement System of Ohio bought a new position in Almonty Industries in the 2nd quarter worth approximately $1,806,000. Finally, Cooper Creek Partners Management LLC boosted its holdings in Almonty Industries by 110.4% in the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after buying an additional 2,508,478 shares during the period.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical industrial metal used in cutting tools, hard metals, defense applications, electronics and other specialized products. The company develops and operates tungsten projects and produces tungsten concentrates for sale to industrial customers and processors.

Almonty’s principal assets include the Panasqueira tungsten mine in Portugal, one of the company’s operating assets, and the Sangdong tungsten project in South Korea, which is being redeveloped as a major source of tungsten concentrate.