Almonty Industries Inc. (NASDAQ:ALM) Sees Large Decline in Short Interest

Almonty Industries Inc. (NASDAQ:ALM) saw a large drop in short interest in April. As of April 30th, there was short interest totaling 3,263,597 shares, a drop of 41.1% from the April 15th total of 5,538,703 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily volume of 4,997,628 shares, the short-interest ratio is currently 0.7 days.

Almonty Industries Trading Down 0.9%

Shares of ALM opened at $17.30 on Tuesday. Almonty Industries has a 12-month low of $3.16 and a 12-month high of $24.41. The firm has a market capitalization of $4.91 billion and a P/E ratio of -34.60. The firm has a 50-day moving average price of $19.02 and a 200 day moving average price of $13.17. The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30.

Almonty Industries (NASDAQ:ALM) last issued its earnings results on Monday, May 11th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. The company had revenue of $18.52 million for the quarter, compared to the consensus estimate of $15.44 million. Sell-side analysts forecast that Almonty Industries will post 0.62 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Oppenheimer upped their target price on shares of Almonty Industries from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. B. Riley Financial upped their price objective on shares of Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Texas Capital upgraded shares of Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. Finally, DA Davidson reissued a “buy” rating and issued a $25.00 target price on shares of Almonty Industries in a research note on Thursday, March 26th. One equities research 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. Based on data from MarketBeat.com, Almonty Industries has an average rating of “Moderate Buy” and a consensus price target of $18.38.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Leonteq Securities AG acquired a new stake in shares of Almonty Industries during the 1st quarter worth about $29,000. FNY Investment Advisers LLC purchased a new position in Almonty Industries during the third quarter worth about $30,000. Global Retirement Partners LLC purchased a new position in Almonty Industries during the fourth quarter worth about $35,000. Rockefeller Capital Management L.P. increased its position in shares of Almonty Industries by 30.0% during the fourth 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 last quarter. Finally, State of Wyoming purchased a new stake in shares of Almonty Industries in the 4th quarter valued at approximately $41,000.

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.