Algoma Steel Group (TSE:ASTL) Trading Down 4.8% – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL)’s stock price was down 4.8% during trading on Monday . The stock traded as low as C$5.77 and last traded at C$5.78. Approximately 970,547 shares traded hands during trading, an increase of 224% from the average daily volume of 299,673 shares. The stock had previously closed at C$6.07.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ASTL shares. BMO Capital Markets downgraded shares of Algoma Steel Group from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from C$12.00 to C$8.00 in a research note on Tuesday, June 3rd. Stifel Nicolaus decreased their price target on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a “buy” rating for the company in a report on Tuesday, June 3rd. Finally, Royal Bank Of Canada cut their price objective on shares of Algoma Steel Group from C$10.00 to C$8.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Algoma Steel Group currently has a consensus rating of “Hold” and an average price target of C$9.67.

Algoma Steel Group Stock Down 4.8%

The stock has a market capitalization of C$606.52 million, a price-to-earnings ratio of -3.99 and a beta of 2.07. The business’s 50-day moving average is C$7.12 and its two-hundred day moving average is C$7.73. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70.

About Algoma Steel Group

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.