Almonty Industries (NASDAQ:ALM) Shares Up 9.2% Following Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) rose 9.2% on Friday after B. Riley Securities raised their price target on the stock from $10.00 to $17.00. B. Riley Securities currently has a buy rating on the stock. Almonty Industries traded as high as $14.09 and last traded at $13.94. Approximately 1,675,004 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 4,934,940 shares. The stock had previously closed at $12.77.

ALM has been the topic of a number of other research reports. DA Davidson upped their price objective on Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Almonty Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.38.

Institutional Trading of Almonty Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in shares of Almonty Industries during the 3rd quarter worth approximately $30,000. Global Retirement Partners LLC bought a new stake in shares of Almonty Industries in the fourth quarter valued at approximately $35,000. State of Wyoming bought a new stake in shares of Almonty Industries in the fourth quarter valued at approximately $41,000. Banque Cantonale Vaudoise acquired a new stake in Almonty Industries during the third quarter worth approximately $54,000. Finally, MCF Advisors LLC bought a new position in Almonty Industries during the 3rd quarter worth $60,000.

Almonty Industries Stock Performance

The business’s fifty day simple moving average is $9.86. The company has a market capitalization of $3.66 billion and a PE ratio of -60.56. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.38 and a quick ratio of 2.25.

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.