Almonty Industries (NASDAQ:ALM) Stock Price Down 5.6% – Should You Sell?

Almonty Industries Inc. (NASDAQ:ALM) dropped 5.6% during trading on Wednesday . The stock traded as low as $20.36 and last traded at $20.5840. Approximately 5,539,477 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 5,422,374 shares. The stock had previously closed at $21.80.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Oppenheimer raised their price objective on shares of Almonty Industries from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, March 20th. B. Riley Financial increased their target price on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, March 20th. DA Davidson reiterated a “buy” rating and issued a $25.00 target price on shares of Almonty Industries in a report on Thursday, March 26th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.38.

Almonty Industries Stock Performance

The stock’s 50-day moving average is $17.26 and its 200-day moving average is $11.37. The firm has a market capitalization of $6.62 billion and a price-to-earnings ratio of -40.38. The company has a current ratio of 3.89, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On Almonty Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp boosted its stake in shares of Almonty Industries by 13,294.7% in the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after buying an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in Almonty Industries during the fourth quarter worth $25,620,000. Next Century Growth Investors LLC purchased a new position in Almonty Industries in the fourth quarter worth $16,345,000. Telemark Asset Management LLC purchased a new position in Almonty Industries in the third quarter worth $7,839,000. Finally, Alyeska Investment Group L.P. bought a new position in Almonty Industries during the third quarter valued at about $7,839,000.

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.