Almonty Industries (NASDAQ:ALM) Stock Price Down 9.4% – Here’s What Happened

Shares of Almonty Industries Inc. (NASDAQ:ALM) fell 9.4% during trading on Wednesday . The company traded as low as $16.63 and last traded at $16.4850. Approximately 2,303,205 shares traded hands during trading, a decline of 56% from the average session volume of 5,259,928 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

ALM has been the topic of several recent research reports. B. Riley Financial lifted their target price on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Oppenheimer boosted their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. DA Davidson restated a “buy” rating and issued a $25.00 price target on shares of Almonty Industries in a research report on Thursday, March 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Almonty Industries in a report on Thursday, June 18th. Finally, Texas Capital upgraded Almonty Industries to a “strong-buy” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.88.

Almonty Industries Trading Down 8.4%

The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $19.65 and a 200-day simple moving average of $15.35. The company has a market cap of $4.76 billion and a PE ratio of -33.09.

Almonty Industries (NASDAQ:ALM) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $18.52 million during the quarter, compared to analysts’ expectations of $15.44 million. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%. On average, analysts predict that Almonty Industries Inc. will post 0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Almonty Industries

Several large investors have recently added to or reduced their stakes in ALM. Bank of America Corp DE boosted its position 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. Guardian Partners Inc. purchased a new stake in shares of Almonty Industries during the first quarter worth $434,000. Royal Bank of Canada raised its stake in shares of Almonty Industries by 6.1% in the first quarter. Royal Bank of Canada now owns 74,732 shares of the company’s stock valued at $1,082,000 after acquiring an additional 4,280 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Almonty Industries by 47.9% in the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Almonty Industries by 23.5% in the first quarter. The Manufacturers Life Insurance Company now owns 57,031 shares of the company’s stock valued at $826,000 after purchasing an additional 10,849 shares during the period.

About Almonty Industries

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.