Almonty Industries (NASDAQ:ALM) Stock Price Down 8.9% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) dropped 8.9% during mid-day trading on Monday. The stock traded as low as $9.40 and last traded at $8.9590. Approximately 678,327 shares were traded during trading, a decline of 88% from the average daily volume of 5,793,833 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

A number of analysts recently weighed in on ALM shares. Jefferies Financial Group assumed coverage on Almonty Industries in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price target on the stock. Weiss Ratings upgraded Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Stifel Nicolaus cut their price objective on Almonty Industries from $25.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday. DA Davidson reissued a “buy” rating and issued a $33.00 target price on shares of Almonty Industries in a report on Tuesday, September 15th. Finally, The Goldman Sachs Group began coverage on Almonty Industries in a report on Thursday, September 24th. They issued a “hold” rating and a $13.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.54.

Almonty Industries Stock Performance

The company has a market capitalization of $2.56 billion, a PE ratio of 176.60 and a beta of 4.15. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58. The stock’s fifty day simple moving average is $14.65 and its 200-day simple moving average is $16.44.

Institutional Trading of Almonty Industries

A number of institutional investors have recently modified their holdings of ALM. Leonteq Securities AG bought a new position in shares of Almonty Industries during the first quarter worth about $29,000. Pin Oak Investment Advisors Inc. acquired a new position in Almonty Industries in the second quarter worth about $53,000. Nykredit A S acquired a new position in Almonty Industries in the second quarter worth about $58,000. Rockefeller Capital Management L.P. grew its stake in Almonty Industries by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Saxon Interests Inc. acquired a new position in Almonty Industries in the first quarter worth about $161,000.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical industrial metal used in cutting tools, hard metals, defense applications, electronics and other specialized products. The company develops and operates tungsten projects and produces tungsten concentrates for sale to industrial customers and processors.

Almonty’s principal assets include the Panasqueira tungsten mine in Portugal, one of the company’s operating assets, and the Sangdong tungsten project in South Korea, which is being redeveloped as a major source of tungsten concentrate.