Almonty Industries (NASDAQ:ALM) Shares Down 9.4% – Here’s What Happened

by · The Cerbat Gem

Almonty Industries Inc. (NASDAQ:ALM – Get Free Report)’s share price traded down 9.4% during trading on Wednesday . The company traded as low as $16.63 and last traded at $16.4850. Approximately 2,303,205 shares changed hands during trading, a decline of 56% from the average daily volume of 5,259,928 shares. The stock had previously closed at $18.19.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALM shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Almonty Industries in a research note on Thursday, June 18th. B. Riley Financial raised their price objective on shares of Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a report on Friday, March 20th. Oppenheimer lifted their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Texas Capital raised Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. Finally, DA Davidson restated a “buy” rating and issued a $25.00 price target on shares of Almonty Industries in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.88.

Read Our Latest Research Report on Almonty Industries

Almonty Industries Trading Down 8.4%

The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $19.65 and its two-hundred day simple moving average is $15.35. The company has a market cap of $4.76 billion and a price-to-earnings ratio of -33.09.

Almonty Industries (NASDAQ:ALM – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. The business had revenue of $18.52 million during the quarter, compared to analysts’ expectations of $15.44 million. On average, equities analysts predict that Almonty Industries Inc. will post 0.46 EPS for the current year.

Institutional Investors Weigh In On Almonty Industries

Large investors have recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of Almonty Industries by 309.6% during the first quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock worth $13,161,000 after acquiring an additional 686,982 shares during the last quarter. Guardian Partners Inc. acquired a new position in Almonty Industries in the first quarter valued at $434,000. Royal Bank of Canada raised its holdings in shares of Almonty Industries by 6.1% in the first quarter. Royal Bank of Canada now owns 74,732 shares of the company’s stock valued at $1,082,000 after buying an additional 4,280 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in shares of Almonty Industries by 47.9% during the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock worth $62,276,000 after buying an additional 1,392,806 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Almonty Industries by 23.5% during the first quarter. The Manufacturers Life Insurance Company now owns 57,031 shares of the company’s stock worth $826,000 after buying an additional 10,849 shares during the last quarter.

Almonty Industries Company Profile

(Get Free Report)

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.

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