Algoma Steel Group (TSE:ASTL) Stock Price Up 12.4% – Here’s Why

Algoma Steel Group Inc. (TSE:ASTL) shares shot up 12.4% on Wednesday . The stock traded as high as C$6.48 and last traded at C$6.36. 777,788 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 628,410 shares. The stock had previously closed at C$5.66.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank Of Canada decreased their price target on shares of Algoma Steel Group from C$6.00 to C$5.00 and set a “sector perform” rating on the stock in a research note on Friday, July 31st. BMO Capital Markets cut their price objective on shares of Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating for the company in a research report on Friday, July 31st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Algoma Steel Group has a consensus rating of “Hold” and an average price target of C$7.12.

Algoma Steel Group Trading Up 20.8%

The firm has a fifty day moving average of C$5.84 and a 200-day moving average of C$6.18. The firm has a market cap of C$720.86 million, a P/E ratio of -0.67 and a beta of 1.74. The company has a debt-to-equity ratio of 368.00, a quick ratio of 1.50 and a current ratio of 2.49.

Algoma Steel Group (TSE:ASTL) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C($0.88) EPS for the quarter. The firm had revenue of C$267.50 million during the quarter. Algoma Steel Group had a negative net margin of 55.02% and a negative return on equity of 180.34%. Equities research analysts forecast that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current year.

Algoma Steel Group Company Profile

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.