Algoma Steel Group (TSE:ASTL) Stock Price Up 8.6% – Here’s Why

Algoma Steel Group Inc. (TSE:ASTL)’s share price shot up 8.6% on Friday. The company traded as high as C$7.65 and last traded at C$7.60. 1,004,274 shares traded hands during trading, an increase of 60% from the average daily volume of 628,528 shares. The stock had previously closed at C$7.00.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. BMO Capital Markets decreased their target price on Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating for the company in a research report on Friday, July 31st. Royal Bank Of Canada set a C$6.00 price target on Algoma Steel Group and gave the stock a “sector perform” rating in a research report on Wednesday, September 2nd. Three research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$6.00.

Algoma Steel Group Trading Up 8.6%

The business’s 50 day moving average is C$6.24 and its two-hundred day moving average is C$6.19. The firm has a market capitalization of C$800.96 million, a P/E ratio of -1.10 and a beta of 1.99. The company has a quick ratio of 1.50, a current ratio of 2.53 and a debt-to-equity ratio of 478.37.

Algoma Steel Group (TSE:ASTL) last announced its quarterly earnings data on Wednesday, October 28th. The company reported C($1.18) earnings per share (EPS) for the quarter. Algoma Steel Group had a negative return on equity of 166.65% and a negative net margin of 41.29%. The business had revenue of C$249.40 million during the quarter. Analysts expect that Algoma Steel Group Inc. will post 1.48 EPS for the current year.

Algoma Steel Group Company Profile

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.