Algoma Steel Group (TSE:ASTL) Stock Price Down 5.5% – Time to Sell?

Algoma Steel Group Inc. (TSE:ASTL) shares were down 5.5% on Monday . The company traded as low as C$5.80 and last traded at C$5.87. Approximately 1,593,916 shares traded hands during trading, an increase of 146% from the average daily volume of 646,733 shares. The stock had previously closed at C$6.21.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Royal Bank Of Canada dropped their price objective on shares of Algoma Steel Group from C$8.00 to C$6.00 and set a “sector perform” rating for the company in a research note on Thursday, October 2nd. Stifel Nicolaus upped their target price on Algoma Steel Group from C$10.75 to C$11.50 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Jefferies Financial Group set a C$6.00 price target on Algoma Steel Group and gave the stock a “hold” rating in a research report on Monday, January 5th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$7.88.

Algoma Steel Group Stock Down 5.5%

The firm has a 50 day simple moving average of C$5.74 and a two-hundred day simple moving average of C$6.21. The stock has a market capitalization of C$615.96 million, a P/E ratio of -4.05 and a beta of 1.75. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70.

Algoma Steel Group (TSE:ASTL) last issued its quarterly earnings results on Wednesday, October 29th. The company reported C($4.46) earnings per share (EPS) for the quarter. Algoma Steel Group had a negative net margin of 6.33% and a negative return on equity of 10.66%. The business had revenue of C$523.90 million during the quarter. On average, equities research analysts expect that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current year.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales. Substantial revenue is generated from the sale of Steel sheets and strips.