Almonty Industries (NASDAQ:ALM) Shares Gap Up – Still a Buy?

Almonty Industries Inc. (NASDAQ:ALM)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.12, but opened at $11.85. Almonty Industries shares last traded at $12.47, with a volume of 3,043,306 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALM. Oppenheimer upped their price target on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Wall Street Zen raised shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, DA Davidson reiterated a “buy” rating and set a $12.00 price objective on shares of Almonty Industries in a research note on Friday, December 19th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.17.

Almonty Industries Price Performance

The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37. The company’s fifty day simple moving average is $8.07. The company has a market capitalization of $3.05 billion and a PE ratio of -50.39.

Institutional Investors Weigh In On Almonty Industries

Institutional investors and hedge funds have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new position in shares of Almonty Industries during the third quarter worth $30,000. Banque Cantonale Vaudoise acquired a new stake in Almonty Industries in the 3rd quarter valued at $54,000. MCF Advisors LLC purchased a new stake in shares of Almonty Industries during the third quarter worth about $60,000. Oppenheimer & Co. Inc. acquired a new position in shares of Almonty Industries during the 3rd quarter worth about $66,000. Finally, Fifth Lane Capital LP purchased a new stake in Almonty Industries during the 3rd quarter worth approximately $75,000.

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.