Algoma Steel Group (TSE:ASTL) Stock Price Up 4% – Here’s What Happened

Algoma Steel Group Inc. (TSE:ASTL) shares were up 4% on Tuesday . The company traded as high as C$5.82 and last traded at C$5.74. Approximately 657,069 shares traded hands during trading, a decline of 17% from the average daily volume of 795,205 shares. The stock had previously closed at C$5.52.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group set a C$6.00 price objective on shares of Algoma Steel Group and gave the company a “hold” rating in a research note on Monday, January 5th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Algoma Steel Group currently has an average rating of “Hold” and a consensus target price of C$7.88.

Algoma Steel Group Price Performance

The stock has a market cap of C$602.32 million, a P/E ratio of -0.63 and a beta of 1.46. The company has a debt-to-equity ratio of 186.70, a quick ratio of 1.51 and a current ratio of 2.18. The business has a 50 day simple moving average of C$5.97 and a 200-day simple moving average of C$5.76.

Algoma Steel Group (TSE:ASTL) last released its earnings results on Wednesday, March 11th. The company reported C($3.36) EPS for the quarter. The business had revenue of C$455.00 million for the quarter. Algoma Steel Group had a negative return on equity of 95.12% and a negative net margin of 47.22%. On average, sell-side analysts forecast that Algoma Steel Group Inc. will post 1.4795699 EPS for the current year.

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. Substantial revenue is generated from the sale of Steel sheets and strips.