DA Davidson Reiterates “Buy” Rating for Almonty Industries (NASDAQ:ALM)

Almonty Industries (NASDAQ:ALM)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a report released on Friday,Benzinga reports. They currently have a $12.00 price objective on the stock. DA Davidson’s price objective indicates a potential upside of 44.23% from the stock’s current price.

Several other research firms have also 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. Oppenheimer lifted their target price on Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Almonty Industries in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Almonty Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.17.

Almonty Industries Stock Performance

Shares of NASDAQ ALM traded down $0.03 during trading on Friday, reaching $8.32. The company had a trading volume of 1,961,977 shares, compared to its average volume of 1,992,512. Almonty Industries has a 52 week low of $3.16 and a 52 week high of $10.68. The business’s 50 day moving average is $7.14. The stock has a market cap of $2.11 billion and a PE ratio of -36.17. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 16.37.

Hedge Funds Weigh In On Almonty Industries

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

About Almonty Industries

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.