Algoma Steel Group (TSE:ASTL) Trading Up 12% – Here’s Why

Shares of Algoma Steel Group Inc. (TSE:ASTL) were up 12% during mid-day trading on Tuesday . The company traded as high as C$6.31 and last traded at C$6.26. Approximately 1,885,265 shares were traded during trading, an increase of 371% from the average daily volume of 400,189 shares. The stock had previously closed at C$5.59.

Analysts Set New Price Targets

ASTL has been the topic of a number of analyst reports. Stifel Nicolaus upped their price objective on shares of Algoma Steel Group from C$10.75 to C$11.50 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada reduced their price objective on shares of Algoma Steel Group from C$8.00 to C$6.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 2nd. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Algoma Steel Group has a consensus rating of “Hold” and an average price target of C$8.50.

Algoma Steel Group Stock Up 12.0%

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 stock’s 50-day moving average is C$6.02 and its 200-day moving average is C$7.29. The company has a market cap of C$656.89 million, a price-to-earnings ratio of -4.32 and a beta of 1.59.

Algoma Steel Group Company Profile

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.