Algoma Steel Group (TSE:ASTL) Trading Up 4% – Time to Buy?

Algoma Steel Group Inc. (TSE:ASTL) shot up 4% during mid-day trading on Tuesday . The stock traded as high as C$5.48 and last traded at C$5.45. 507,276 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 618,752 shares. The stock had previously closed at C$5.24.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada set a C$7.00 price target on Algoma Steel Group and gave the stock a “sector perform” rating in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of C$8.17.

Algoma Steel Group Trading Up 4.0%

The stock has a 50-day simple moving average of C$6.34 and a 200 day simple moving average of C$6.19. The company has a current ratio of 2.18, a quick ratio of 1.50 and a debt-to-equity ratio of 175.52. The company has a market cap of C$574.37 million, a price-to-earnings ratio of -0.53 and a beta of 1.77.

Algoma Steel Group (TSE:ASTL) last announced its quarterly earnings data on Tuesday, May 12th. The company reported C($1.46) earnings per share for the quarter. Algoma Steel Group had a negative net margin of 47.22% and a negative return on equity of 125.08%. The firm had revenue of C$296.90 million during the quarter. As a group, equities research analysts predict that Algoma Steel Group Inc. will post 1.4795699 EPS for the current fiscal year.

Algoma Steel Group Company Profile

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.