Almonty Industries (NASDAQ:ALM) Stock Price Up 9.2% Following Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) was up 9.2% on Friday after B. Riley Securities raised their price target on the stock from $10.00 to $17.00. B. Riley Securities currently has a buy rating on the stock. Almonty Industries traded as high as $14.09 and last traded at $13.94. Approximately 1,675,004 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 4,934,940 shares. The stock had previously closed at $12.77.

Several other equities analysts have also issued reports on ALM. DA Davidson lifted their price target on Almonty Industries from $12.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.38.

Hedge Funds Weigh In On Almonty Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. Serenus Wealth Advisors LLC raised 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 purchasing an additional 2,200 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Almonty Industries in the fourth quarter valued at approximately $35,000. MCF Advisors LLC raised 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 valued at $124,000 after buying an additional 4,084 shares during the last quarter. State of Wyoming acquired a new stake in Almonty Industries during the 4th quarter worth approximately $41,000. Finally, FNY Investment Advisers LLC acquired a new stake in Almonty Industries during the 3rd quarter worth approximately $30,000.

Almonty Industries Stock Performance

The company has a quick ratio of 2.25, a current ratio of 2.38 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $9.99. The firm has a market capitalization of $3.64 billion and a PE ratio of -60.17.

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.