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

Almonty Industries Inc. (NASDAQ:ALM) gapped up prior to trading on Monday . The stock had previously closed at $11.12, but opened at $11.85. Almonty Industries shares last traded at $12.47, with a volume of 3,043,306 shares.

Analysts Set New Price Targets

Several research firms recently weighed in on ALM. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. DA Davidson reiterated a “buy” rating and issued a $12.00 price objective on shares of Almonty Industries in a research note on Friday, December 19th. Finally, Oppenheimer raised their target price on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Almonty Industries presently has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Stock Up 9.1%

The firm has a 50-day moving average of $8.39. The company has a market cap of $3.18 billion and a P/E ratio of -52.65. The company has a debt-to-equity ratio of 16.37, a current ratio of 0.77 and a quick ratio of 0.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ALM. Telemark Asset Management LLC bought a new stake in Almonty Industries during the 3rd quarter valued at $7,839,000. Alyeska Investment Group L.P. purchased a new position in shares of Almonty Industries in the third quarter valued at about $7,839,000. ArrowMark Colorado Holdings LLC bought a new position in shares of Almonty Industries during the third quarter valued at about $7,807,000. Millennium Management LLC bought a new stake in shares of Almonty Industries in the third quarter worth about $5,948,000. Finally, Sei Investments Co. purchased a new position in Almonty Industries during the 3rd quarter valued at about $2,563,000.

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.