Almonty Industries (NASDAQ:ALM) Stock Price Up 9.2% Following Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM)’s share price traded up 9.2% during mid-day trading on Friday after B. Riley Securities raised their price target on the stock from $10.00 to $17.00. B. Riley Securities currently has a buy rating on the stock. Almonty Industries traded as high as $14.09 and last traded at $13.94. 1,675,004 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 4,934,940 shares. The stock had previously closed at $12.77.

Several other analysts have also recently commented on ALM. DA Davidson increased their target price on Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.38.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new stake in Almonty Industries in the third quarter worth $30,000. Global Retirement Partners LLC acquired a new stake in shares of Almonty Industries in the 4th quarter valued at about $35,000. State of Wyoming acquired a new stake in shares of Almonty Industries in the 4th quarter valued at about $41,000. Banque Cantonale Vaudoise bought a new stake in Almonty Industries in the 3rd quarter valued at about $54,000. Finally, MCF Advisors LLC acquired a new position in Almonty Industries during the 3rd quarter worth approximately $60,000.

Almonty Industries Price Performance

The company has a current ratio of 2.38, a quick ratio of 2.25 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $9.99. The stock has a market cap of $3.64 billion and a price-to-earnings ratio of -60.17.

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.