Almonty Industries (NASDAQ:ALM) Stock Price Up 12.8% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s stock price was up 12.8% during mid-day trading on Tuesday . The stock traded as high as $12.84 and last traded at $12.80. Approximately 2,727,536 shares changed hands during trading, a decline of 44% from the average daily volume of 4,877,428 shares. The stock had previously closed at $11.35.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ALM shares. Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Oppenheimer increased their target price on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Finally, DA Davidson upped their price target on shares of Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Almonty Industries has an average rating of “Moderate Buy” and a consensus price target of $12.17.

Almonty Industries Trading Down 4.9%

The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77. The company has a 50-day simple moving average of $9.14. The stock has a market capitalization of $3.34 billion and a price-to-earnings ratio of -55.21.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ALM. FNY Investment Advisers LLC purchased a new stake in shares of Almonty Industries in the 3rd quarter worth approximately $30,000. Banque Cantonale Vaudoise purchased a new position in Almonty Industries during the third quarter valued at approximately $54,000. MCF Advisors LLC bought a new position in Almonty Industries in the third quarter worth approximately $60,000. Oppenheimer & Co. Inc. purchased a new stake in Almonty Industries during the third quarter worth $66,000. Finally, Fifth Lane Capital LP purchased a new stake in Almonty Industries during the third quarter worth $75,000.

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.