Algoma Steel Group (TSE:ASTL) Trading Down 10.3% – Time to Sell?

Algoma Steel Group Inc. (TSE:ASTL)’s stock price was down 10.3% during mid-day trading on Monday . The company traded as low as C$5.60 and last traded at C$5.74. Approximately 687,644 shares traded hands during trading, an increase of 7% from the average session volume of 642,830 shares. The stock had previously closed at C$6.40.

Analysts Set New Price Targets

ASTL has been the topic of a number of recent analyst reports. Royal Bank Of Canada decreased their target price 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 reduced 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 note on Friday, July 31st. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Algoma Steel Group has an average rating of “Hold” and a consensus price target of C$7.12.

Algoma Steel Group Stock Down 10.6%

The firm has a market capitalization of C$602.83 million, a PE ratio of -0.56 and a beta of 1.74. The company has a debt-to-equity ratio of 368.00, a current ratio of 2.49 and a quick ratio of 1.50. The company has a 50-day moving average price of C$5.83 and a 200 day moving average price of C$6.19.

Algoma Steel Group (TSE:ASTL) last released its earnings results on Wednesday, July 29th. The company reported C($0.88) earnings per share (EPS) for the quarter. The business had revenue of C$267.50 million for the quarter. Algoma Steel Group had a negative return on equity of 180.34% and a negative net margin of 55.02%. 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.