Almonty Industries (NASDAQ:ALM) Trading 11.3% Higher – Should You Buy?

Almonty Industries Inc. (NASDAQ:ALM) shares traded up 11.3% on Monday . The stock traded as high as $20.63 and last traded at $20.47. 4,883,067 shares traded hands during trading, an increase of 6% from the average session volume of 4,625,917 shares. The stock had previously closed at $18.39.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Wall Street Zen raised Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. B. Riley Financial raised their price objective on shares of Almonty Industries from $10.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Finally, DA Davidson boosted their target price on shares of Almonty Industries from $12.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.38.

Almonty Industries Stock Performance

The stock has a market cap of $5.76 billion and a P/E ratio of -89.95. The company has a fifty day moving average price of $11.61 and a 200 day moving average price of $8.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.38 and a quick ratio of 2.25.

Institutional Trading of Almonty Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its position in shares of Almonty Industries by 13,294.7% during the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock valued at $99,013,000 after buying an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in Almonty Industries during the 4th quarter worth $25,620,000. Next Century Growth Investors LLC bought a new stake in shares of Almonty Industries in the 4th quarter worth $16,345,000. Telemark Asset Management LLC purchased a new stake in shares of Almonty Industries in the third quarter valued at about $7,839,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Almonty Industries in the third quarter valued at about $7,839,000.

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.