Almonty Industries (NASDAQ:ALM) Shares Gap Down – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) shares gapped down prior to trading on Friday . The stock had previously closed at $8.51, but opened at $7.67. Almonty Industries shares last traded at $7.80, with a volume of 2,268,559 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALM shares. DA Davidson lifted their target price on shares of Almonty Industries from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Oppenheimer lifted their target price on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday. Cantor Fitzgerald started coverage on shares of Almonty Industries in a research note on Wednesday, August 13th. They issued an “overweight” rating and a $6.50 target price for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.83.

Almonty Industries Stock Down 3.4%

The firm’s 50-day moving average is $5.59. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37. The stock has a market cap of $1.85 billion and a P/E ratio of -24.18.

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

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.