Almonty Industries Inc. (NASDAQ:ALM – Get Free Report) was down 7.4% on Wednesday. The company traded as low as $12.09 and last traded at $12.0760. 2,385,621 shares changed hands during trading, a decline of 59% from the average daily volume of 5,754,610 shares. The stock had previously closed at $13.04.
Analyst Upgrades and Downgrades
ALM has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $33.00 target price on shares of Almonty Industries in a research report on Tuesday, September 15th. Stifel Nicolaus initiated coverage on shares of Almonty Industries in a research report on Friday, September 25th. They set a “buy” rating and a $25.00 price target for the company. Weiss Ratings upgraded shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. The Goldman Sachs Group began coverage on shares of Almonty Industries in a report on Thursday, September 24th. They issued a “hold” rating and a $13.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They set a “buy” rating and a $26.25 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.21.
Check Out Our Latest Stock Report on ALM
Almonty Industries Price Performance
Hedge Funds Weigh In On Almonty Industries
Several hedge funds have recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its holdings in shares of Almonty Industries by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after buying an additional 1,000 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Almonty Industries during the 1st quarter worth $29,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Almonty Industries in the 2nd quarter worth $53,000. Nykredit A S acquired a new stake in shares of Almonty Industries during the second quarter worth $58,000. Finally, Royal Bank of Canada lifted its holdings in shares of Almonty Industries by 6.1% during the first quarter. Royal Bank of Canada now owns 74,732 shares of the company’s stock valued at $1,082,000 after purchasing an additional 4,280 shares during the last quarter.
About Almonty Industries
Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical mineral used in industrial, manufacturing, defense and technology applications. The company’s activities include the exploration, development and operation of tungsten properties, as well as the processing and sale of tungsten concentrates.
Almonty’s portfolio includes the Panasqueira tungsten mine in Portugal, one of its producing assets, and the Sangdong tungsten project in South Korea, which the company is developing as a major source of tungsten supply.
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