Almonty Industries (NASDAQ:ALM) Sees Strong Trading Volume After Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) shares saw strong trading volume on Wednesday after DA Davidson raised their price target on the stock from $7.00 to $11.00. DA Davidson currently has a buy rating on the stock. 1,099,840 shares traded hands during mid-day trading, an increase of 1% from the previous session’s volume of 1,085,111 shares.The stock last traded at $7.68 and had previously closed at $7.12.

Several other equities research analysts have also commented on ALM. Cantor Fitzgerald assumed coverage on shares of Almonty Industries in a research report on Wednesday, August 13th. They set an “overweight” rating and a $6.50 target price on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $8.75.

Almonty Industries Stock Up 7.4%

The company has a market cap of $1.66 billion and a price-to-earnings ratio of -22.50. The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77.

Almonty Industries (NASDAQ:ALM) last released its earnings results on Thursday, August 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $5.20 million during the quarter, compared to analysts’ expectations of $5.30 million. Almonty Industries had a negative net margin of 366.52% and a negative return on equity of 104.72%.

About Almonty Industries

Almonty Industries Inc is a producer of tungsten concentrate. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. Almonty Industries Inc is based in TORONTO.