Almonty Industries Inc. (NASDAQ:ALM) Short Interest Update

Almonty Industries Inc. (NASDAQ:ALM) was the recipient of a significant growth in short interest in the month of June. As of June 15th, there was short interest totaling 8,885,144 shares, a growth of 115.4% from the May 31st total of 4,124,241 shares. Based on an average daily trading volume, of 6,105,704 shares, the days-to-cover ratio is presently 1.5 days. Currently, 3.1% of the shares of the company are short sold.

Almonty Industries Price Performance

NASDAQ:ALM opened at $16.14 on Tuesday. The business’s 50-day simple moving average is $19.23 and its two-hundred day simple moving average is $15.61. Almonty Industries has a 52 week low of $3.16 and a 52 week high of $24.41. The stock has a market cap of $4.61 billion and a PE ratio of -32.28. The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30.

Almonty Industries (NASDAQ:ALM) last released its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.01. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%.The firm had revenue of $18.52 million during the quarter, compared to analyst estimates of $15.44 million. As a group, analysts forecast that Almonty Industries will post 0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ALM has been the subject of a number of recent research reports. B. Riley Financial boosted their price objective on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Texas Capital upgraded shares of Almonty Industries to a “strong-buy” rating in a research note on Thursday, April 16th. DA Davidson reaffirmed a “buy” rating and set a $25.00 price target on shares of Almonty Industries in a report on Thursday, March 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Almonty Industries in a research report on Thursday, June 18th. Finally, Oppenheimer increased their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its stake in Almonty Industries by 13,294.7% in the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after purchasing an additional 11,155,572 shares during the period. Encompass Capital Advisors LLC bought a new stake in shares of Almonty Industries during the fourth quarter valued at approximately $25,620,000. Cooper Creek Partners Management LLC lifted its holdings in shares of Almonty Industries by 110.4% in the first 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 in the last quarter. Next Century Growth Investors LLC purchased a new position in shares of Almonty Industries in the fourth quarter worth $16,345,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Almonty Industries during the third quarter worth $7,839,000.

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.