B. Riley Securities Forecasts Strong Price Appreciation for Almonty Industries (NASDAQ:ALM) Stock

Almonty Industries (NASDAQ:ALM) had its price objective raised by equities researchers at B. Riley Securities from $10.00 to $17.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Securities’ target price indicates a potential upside of 22.83% from the stock’s previous close.

A number of other research firms have also commented on ALM. DA Davidson raised their price target on shares of Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Four investment 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, Almonty Industries currently has an average rating of “Moderate Buy” and an average price target of $13.38.

Almonty Industries Price Performance

Shares of NASDAQ ALM opened at $13.84 on Friday. The company has a current ratio of 2.38, a quick ratio of 2.25 and a debt-to-equity ratio of 1.02. The firm has a market cap of $3.64 billion and a price-to-earnings ratio of -60.17. The firm has a fifty day moving average price of $9.99. Almonty Industries has a one year low of $3.16 and a one year high of $14.91.

Hedge Funds Weigh In On Almonty Industries

A number of institutional investors have recently added to or reduced their stakes in ALM. Serenus Wealth Advisors LLC boosted its position in Almonty Industries by 11.0% in the fourth quarter. Serenus Wealth Advisors LLC now owns 22,200 shares of the company’s stock valued at $196,000 after buying an additional 2,200 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Almonty Industries in the 4th quarter valued at $35,000. MCF Advisors LLC increased its holdings in Almonty Industries by 40.8% in the 4th quarter. MCF Advisors LLC now owns 14,084 shares of the company’s stock worth $124,000 after purchasing an additional 4,084 shares in the last quarter. State of Wyoming bought a new position in Almonty Industries in the fourth quarter valued at about $41,000. Finally, FNY Investment Advisers LLC bought a new position in Almonty Industries in the third quarter valued at about $30,000.

About Almonty Industries

Almonty Industries is a Canada-based mining company focused on the production, development and acquisition of tungsten assets. The company’s principal business activity is the mining and processing of tungsten-bearing ore to produce tungsten concentrates for industrial customers. Almonty pursues both operating mines and advanced-stage development projects with the objective of supplying a critical raw material used in hardmetals, tooling, drilling and other industrial applications.

Almonty’s asset footprint has historically included operating and development projects in Europe and Asia.