Almonty Industries (NASDAQ:ALM) Shares Gap Up – Should You Buy?

Almonty Industries Inc. (NASDAQ:ALM)’s share price gapped up prior to trading on Tuesday. The stock had previously closed at $13.21, but opened at $13.75. Almonty Industries shares last traded at $13.2870, with a volume of 997,606 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Almonty Industries in a report on Friday. They set a “buy” rating and a $25.00 target price on the stock. Weiss Ratings raised shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. The Goldman Sachs Group initiated coverage on shares of Almonty Industries in a research report on Thursday, September 24th. They set a “hold” rating and a $13.00 price target for the company. DA Davidson reaffirmed a “buy” rating and set a $33.00 price objective on shares of Almonty Industries in a research note on Tuesday, September 15th. Finally, Jefferies Financial Group assumed coverage on Almonty Industries in a report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.21.

Almonty Industries Price Performance

The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37. The firm’s fifty day moving average price is $15.15 and its 200-day moving average price is $17.05. The stock has a market cap of $3.74 billion, a P/E ratio of 80.73 and a beta of 3.75.

Institutional Investors Weigh In On Almonty Industries

Large investors have recently made changes to their positions in the business. Nykredit A S purchased a new position in shares of Almonty Industries during the second quarter valued at approximately $58,000. Pin Oak Investment Advisors Inc. purchased a new stake in Almonty Industries in the second quarter worth $53,000. Public Employees Retirement System of Ohio bought a new stake in Almonty Industries in the second quarter valued at $1,806,000. Bank of New York Mellon Corp bought a new stake in Almonty Industries in the second quarter valued at $7,118,000. Finally, Bank of America Corp DE increased its position in 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 purchasing an additional 686,982 shares during the period.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company’s activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty’s principal assets include the Sangdong Tungsten Project in South Korea, one of the company’s key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.