Almonty Industries (NASDAQ:ALM) Shares Gap Down – Time to Sell?

Almonty Industries Inc. (NASDAQ:ALM)’s share price gapped down before the market opened on Monday . The stock had previously closed at $7.13, but opened at $6.76. Almonty Industries shares last traded at $6.64, with a volume of 498,599 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ALM. Cantor Fitzgerald began coverage on shares of Almonty Industries in a research report on Wednesday, August 13th. They set an “overweight” rating and a $6.50 price objective on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a research report on Wednesday, October 8th. DA Davidson reiterated a “buy” rating and set a $11.00 price objective on shares of Almonty Industries in a research report on Tuesday, October 28th. Finally, Oppenheimer lifted their price objective on shares of Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.83.

Almonty Industries Stock Down 8.4%

The firm’s fifty day simple moving average is $6.12. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37. The firm has a market capitalization of $1.47 billion and a PE ratio of -19.21.

Almonty Industries (NASDAQ:ALM) last posted its earnings results on Thursday, August 14th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Almonty Industries had a negative net margin of 366.52% and a negative return on equity of 104.72%. The business had revenue of $5.20 million during the quarter, compared to analysts’ expectations of $5.30 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. General American Investors Co. Inc. purchased a new position in shares of Almonty Industries in the third quarter valued at $246,000. BLB&B Advisors LLC purchased a new position in Almonty Industries during the third quarter worth $298,000. Finally, Huntleigh Advisors Inc. purchased a new position in Almonty Industries during the third quarter worth $661,000.

About Almonty Industries

Almonty Industries Inc is a producer of tungsten concentrate. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. Almonty Industries Inc is based in TORONTO.