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

Almonty Industries Inc. (NASDAQ:ALM) gapped down prior to trading on Thursday . The stock had previously closed at $13.62, but opened at $12.97. Almonty Industries shares last traded at $12.6860, with a volume of 734,360 shares trading hands.

Analyst Ratings Changes

Several analysts have weighed in on ALM shares. Oppenheimer upped their target price on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. 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 objective on the stock. DA Davidson reissued a “buy” rating and issued a $33.00 price objective on shares of Almonty Industries in a research note on Tuesday, September 15th. Weiss Ratings upgraded shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Finally, The Goldman Sachs Group initiated coverage on shares of Almonty Industries in a research report on Thursday. They set a “neutral” rating and a $13.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.05.

Almonty Industries Trading Down 7.5%

The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 78.77 and a beta of 3.75. The business has a 50 day moving average of $15.18 and a 200 day moving average of $17.20. The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37.

Institutional Investors Weigh In On Almonty Industries

A number of institutional investors have recently bought and sold shares of ALM. Cooper Creek Partners Management LLC raised its holdings in shares of Almonty Industries by 110.4% in the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after purchasing an additional 2,508,478 shares during the period. Encompass Capital Advisors LLC boosted its stake in shares of 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. Next Century Growth Investors LLC acquired a new position in shares of Almonty Industries in the fourth quarter worth about $16,345,000. Bank of America Corp DE boosted its holdings in Almonty Industries by 309.6% in the first quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock valued at $13,161,000 after purchasing an additional 686,982 shares during the last quarter. Finally, Walleye Capital LLC acquired a new stake in Almonty Industries during the 1st quarter valued at approximately $12,953,000.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company’s activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty’s principal assets include the Sangdong Tungsten Project in South Korea, one of the company’s key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.