Almonty Industries (NASDAQ:ALM) Stock Falls 8.1% – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM)’s stock price dropped 8.1% on Tuesday. The company traded as low as $8.01 and last traded at $8.06. Approximately 847,343 shares were traded during trading, a decline of 86% from the average daily volume of 5,870,499 shares. The stock had previously closed at $8.77.

Analyst Ratings Changes

ALM has been the subject of a number of research reports. DA Davidson reiterated a “buy” rating and set a $33.00 price target on shares of Almonty Industries in a research report on Tuesday, September 15th. Weiss Ratings raised Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Stifel Nicolaus dropped their price objective on Almonty Industries from $25.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, October 20th. Jefferies Financial Group assumed coverage on Almonty Industries in a report on Wednesday, September 2nd. They set a “buy” rating and a $26.25 price objective for the company. Finally, B. Riley Financial decreased their target price on Almonty Industries from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.04.

Almonty Industries Trading Down 8.6%

The stock has a market cap of $2.31 billion, a PE ratio of 50.03 and a beta of 4.66. The business has a 50-day moving average of $12.39 and a 200 day moving average of $15.70. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58.

Institutional Investors Weigh In On Almonty Industries

Hedge funds have recently modified their holdings of the company. Fulcrum Asset Management LLP purchased a new stake in shares of Almonty Industries during the third quarter worth about $32,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Almonty Industries during the second quarter valued at approximately $53,000. Nykredit A S purchased a new position in shares of Almonty Industries during the second quarter valued at approximately $58,000. Rockefeller Capital Management L.P. lifted its stake in shares of Almonty Industries by 30.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after buying an additional 1,000 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Almonty Industries during the third quarter worth approximately $146,000.

About Almonty Industries

Almonty Industries Inc. is a mining company focused on tungsten, a metal used in applications such as cutting tools, industrial machinery, electronics and defense. The company produces tungsten concentrate and develops and operates tungsten mining assets. Its portfolio includes the Panasqueira mine in Portugal and the Los Santos mine in Spain, as well as the Sangdong tungsten project in South Korea. Almonty’s activities span Europe and Asia, with Sangdong representing a major project in the company’s effort to expand tungsten supply outside China.