Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up – Should You Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares gapped up prior to trading on Friday . The stock had previously closed at $4.30, but opened at $4.67. Algoma Steel Group shares last traded at $4.7650, with a volume of 1,478,120 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group initiated coverage on Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Algoma Steel Group presently has an average rating of “Hold”.

Algoma Steel Group Price Performance

The firm has a market capitalization of $505.26 million, a PE ratio of -1.02 and a beta of 1.56. The stock’s 50 day simple moving average is $4.35 and its two-hundred day simple moving average is $4.31. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in Algoma Steel Group during the second quarter worth about $32,000. Federation des caisses Desjardins du Quebec increased its holdings in shares of Algoma Steel Group by 101.6% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock worth $73,000 after buying an additional 9,000 shares during the last quarter. Olympiad Research LP purchased a new stake in shares of Algoma Steel Group during the 3rd quarter valued at approximately $74,000. Lighthouse Investment Partners LLC acquired a new position in Algoma Steel Group in the third quarter valued at approximately $79,000. Finally, Assenagon Asset Management S.A. purchased a new position in Algoma Steel Group in the third quarter worth approximately $81,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.