Almonty Industries (NASDAQ:ALM) Shares Down 5.2% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) shares traded down 5.2% on Wednesday . The stock traded as low as $16.82 and last traded at $16.7290. Approximately 2,128,170 shares were traded during mid-day trading, a decline of 62% from the average session volume of 5,649,621 shares. The stock had previously closed at $17.64.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ALM shares. DA Davidson increased their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Jefferies Financial Group began coverage on Almonty Industries in a research note on Wednesday. They set a “buy” rating and a $26.25 price objective on the stock. Finally, Oppenheimer lifted their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $26.81.

Almonty Industries Trading Up 0.8%

The firm’s 50-day simple moving average is $15.21 and its 200 day simple moving average is $17.32. The stock has a market cap of $5.14 billion, a P/E ratio of 111.51 and a beta of 3.75. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Institutional Trading of Almonty Industries

Several large investors have recently added to or reduced their stakes in ALM. Van ECK Associates Corp raised its stake in Almonty Industries by 13,294.7% during the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock valued at $99,013,000 after acquiring an additional 11,155,572 shares in the last quarter. Cooper Creek Partners Management LLC grew its stake 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 purchasing an additional 2,508,478 shares in the last quarter. Encompass Capital Advisors LLC grew its stake 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 worth $62,276,000 after purchasing an additional 1,392,806 shares in the last quarter. Next Century Growth Investors LLC acquired a new position in shares of Almonty Industries during the fourth quarter valued at $16,345,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Almonty Industries during the third quarter valued at $7,839,000.

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.