Almonty Industries (NASDAQ:ALM) Shares Down 6.6% – Here’s What Happened

Shares of Almonty Industries Inc. (NASDAQ:ALM) dropped 6.6% on Tuesday . The stock traded as low as $21.69 and last traded at $21.8170. Approximately 1,700,002 shares traded hands during trading, a decline of 69% from the average daily volume of 5,477,763 shares. The stock had previously closed at $23.37.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ALM shares. Texas Capital raised shares of Almonty Industries to a “strong-buy” rating in a research report on Thursday, April 16th. DA Davidson reaffirmed a “buy” rating and set a $25.00 price target on shares of Almonty Industries in a research note on Thursday, March 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Oppenheimer boosted 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. Finally, B. Riley Financial upped their price objective on Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

Almonty Industries Price Performance

The stock has a market cap of $6.25 billion and a PE ratio of -38.11. The company has a quick ratio of 3.76, a current ratio of 3.89 and a debt-to-equity ratio of 0.38. The company’s fifty day moving average is $17.77 and its 200 day moving average is $11.76.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds have recently made changes to their positions in ALM. FNY Investment Advisers LLC purchased a new position in shares of Almonty Industries in the 3rd quarter valued at $30,000. Global Retirement Partners LLC purchased a new position in shares of Almonty Industries in the 4th quarter valued at $35,000. Rockefeller Capital Management L.P. raised its stake in shares of Almonty Industries by 30.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after acquiring an additional 1,000 shares during the period. State of Wyoming purchased a new position in shares of Almonty Industries in the 4th quarter valued at $41,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries in the 3rd quarter valued at $54,000.

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.