Almonty Industries (NASDAQ:ALM) Sees Large Volume Increase on Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) saw an uptick in trading volume on Wednesday after Oppenheimer raised their price target on the stock from $7.00 to $12.00. Oppenheimer currently has an outperform rating on the stock. 2,384,167 shares traded hands during trading, an increase of 70% from the previous session’s volume of 1,406,224 shares.The stock last traded at $10.16 and had previously closed at $9.96.

Several other analysts also recently weighed in on ALM. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research report on Wednesday, October 8th. Cantor Fitzgerald started coverage on shares of Almonty Industries in a report on Wednesday, August 13th. They issued an “overweight” rating and a $6.50 price objective on the stock. Finally, DA Davidson upped their price objective on shares of Almonty Industries from $7.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.83.

Almonty Industries Price Performance

The business has a fifty day simple moving average of $5.47. The stock has a market capitalization of $2.11 billion and a PE ratio of -28.50. The company has a debt-to-equity ratio of 16.37, a current ratio of 0.77 and a quick ratio of 0.63.

Almonty Industries (NASDAQ:ALM) last announced its quarterly 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). Almonty Industries had a negative return on equity of 104.72% and a negative net margin of 366.52%.The firm had revenue of $5.20 million for the quarter, compared to analysts’ expectations of $5.30 million.

Almonty Industries Company Profile

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.