Algoma Steel Group (TSE:ASTL) Stock Price Down 14.9% Following Analyst Downgrade

Algoma Steel Group Inc. (TSE:ASTLGet Free Report)’s share price traded down 14.9% during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from C$13.00 to C$10.75. The stock traded as low as C$4.77 and last traded at C$4.84. 1,763,102 shares were traded during trading, an increase of 444% from the average session volume of 324,177 shares. The stock had previously closed at C$5.69.

A number of other research analysts also recently commented on the company. BMO Capital Markets downgraded Algoma Steel Group from an “outperform” rating to a “market perform” rating and lowered their target price for the company from C$12.00 to C$8.00 in a research note on Tuesday, June 3rd. Royal Bank Of Canada lowered their price target on Algoma Steel Group from C$10.00 to C$8.00 and set a “sector perform” rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of C$8.92.

View Our Latest Analysis on Algoma Steel Group

Algoma Steel Group Trading Down 13.2%

The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70. The company’s fifty day moving average is C$6.65 and its 200-day moving average is C$7.61. The firm has a market capitalization of C$518.37 million, a P/E ratio of -3.41 and a beta of 2.07.

Algoma Steel Group Company Profile

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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.

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