Almonty Industries (NASDAQ:ALM) Shares Up 6.9% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s share price traded up 6.9% on Friday . The stock traded as high as $14.80 and last traded at $14.8060. Approximately 468,737 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 5,582,131 shares. The stock had previously closed at $13.85.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ALM shares. Texas Capital upgraded Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday. DA Davidson upped their price target on Almonty Industries from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Oppenheimer increased their price target on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $27.00.

Almonty Industries Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 2.45 and a quick ratio of 2.37. The stock has a fifty day simple moving average of $15.17 and a two-hundred day simple moving average of $16.82. The firm has a market capitalization of $4.33 billion and a P/E ratio of 93.84.

Almonty Industries (NASDAQ:ALM) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The firm had revenue of $18.52 million for the quarter, compared to analysts’ expectations of $15.44 million. Almonty Industries had a return on equity of 11.18% and a net margin of 125.89%. On average, research analysts predict that Almonty Industries Inc. will post 0.46 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its stake in Almonty Industries by 13,294.7% during the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after acquiring an additional 11,155,572 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in Almonty Industries in the fourth quarter valued at $25,620,000. Cooper Creek Partners Management LLC increased its stake in Almonty Industries by 110.4% in the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock valued at $69,235,000 after purchasing an additional 2,508,478 shares in the last quarter. Next Century Growth Investors LLC acquired a new position in shares of Almonty Industries during the fourth quarter valued at about $16,345,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Almonty Industries during the third quarter valued at about $7,839,000.

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.