Almonty Industries (NASDAQ:ALM) Hits New 1-Year High Following Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) shares hit a new 52-week high during trading on Thursday after Texas Capital upgraded the stock to a strong-buy rating. The stock traded as high as $22.61 and last traded at $22.3140, with a volume of 3653760 shares traded. The stock had previously closed at $21.00.

A number of other brokerages have also commented on ALM. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Oppenheimer boosted their target price on Almonty Industries from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. B. Riley Financial boosted their target price on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $25.00 target price on shares of Almonty Industries in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

Institutional Trading of Almonty Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Connective Portfolio Management LLC bought a new stake in Almonty Industries during the 1st quarter worth approximately $434,000. Rockefeller Capital Management L.P. increased its holdings in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Almonty Industries by 59.1% during the 4th quarter. Mackenzie Financial Corp now owns 111,224 shares of the company’s stock worth $982,000 after purchasing an additional 41,331 shares in the last quarter. Quadrature Capital Ltd increased its holdings in Almonty Industries by 35.0% during the 4th quarter. Quadrature Capital Ltd now owns 108,069 shares of the company’s stock worth $952,000 after purchasing an additional 27,993 shares in the last quarter. Finally, Man Group plc bought a new stake in Almonty Industries during the 4th quarter worth approximately $1,510,000.

Almonty Industries Price Performance

The company has a current ratio of 3.89, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $17.26 and a 200 day simple moving average of $11.37. The stock has a market capitalization of $6.62 billion and a P/E ratio of -40.38.

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.