Almonty Industries (NASDAQ:ALM) Shares Down 7.4% – What’s Next?

Shares of Almonty Industries Inc. (NASDAQ:ALM) fell 7.4% during trading on Wednesday. The company traded as low as $12.09 and last traded at $12.0760. Approximately 2,385,621 shares changed hands during trading, a decline of 59% from the average daily volume of 5,754,610 shares. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Jefferies Financial Group began coverage on shares of Almonty Industries in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price target for the company. DA Davidson reaffirmed a “buy” rating and set a $33.00 price objective on shares of Almonty Industries in a research report on Tuesday, September 15th. The Goldman Sachs Group assumed coverage on shares of Almonty Industries in a research note on Thursday, September 24th. They set a “hold” rating and a $13.00 price target on the stock. Finally, Stifel Nicolaus started coverage on shares of Almonty Industries in a report on Friday, September 25th. They set a “buy” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.21.

Almonty Industries Stock Performance

The company has a market cap of $3.47 billion, a price-to-earnings ratio of 75.22 and a beta of 4.15. The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51. The firm has a fifty day simple moving average of $15.09 and a 200 day simple moving average of $16.78.

Institutional Trading of Almonty Industries

A number of hedge funds have recently bought and sold shares of the stock. Nykredit A S acquired a new stake in Almonty Industries during the second quarter worth about $58,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Almonty Industries during the second quarter valued at approximately $53,000. Public Employees Retirement System of Ohio acquired a new position in shares of Almonty Industries in the second quarter valued at $1,806,000. Bank of New York Mellon Corp bought a new position in Almonty Industries in the second quarter worth $7,118,000. Finally, Bank of America Corp DE increased its holdings in Almonty Industries by 309.6% in the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock valued at $13,161,000 after buying an additional 686,982 shares during the period.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical mineral used in industrial, manufacturing, defense and technology applications. The company’s activities include the exploration, development and operation of tungsten properties, as well as the processing and sale of tungsten concentrates.

Almonty’s portfolio includes the Panasqueira tungsten mine in Portugal, one of its producing assets, and the Sangdong tungsten project in South Korea, which the company is developing as a major source of tungsten supply.