Why Is ALMONTY INDS INC (ALM) Stock Up Today?

Almonty Industries Inc. stock surged 11.29% to $13.80 in morning trading as Stifel initiated coverage with a Buy rating and a $25 price target. The move follows recent developments at the company’s Western tungsten expansion and a new supply agreement. The stock opened with a 2.6% gap up and has traded in a range from $12.70 to $13.83.

What Happened

Stifel initiated coverage on Almonty with a Buy rating and a $25 price target, citing the company’s Western tungsten expansion and production outlook. This comes alongside a conditional $3 million upfront payment from Sandvik’s Wolfram Bergbau und Hütten for offtake rights under a new supply agreement. Almonty also received mining site inspection certificates for its Sangdong Mine in South Korea and secured a 75% interest in the Shyorongi Tungsten project in Rwanda. Meanwhile, Goldman Sachs initiated the stock at Neutral, noting that current valuations may already reflect the company’s potential and expecting a slower ramp-up in production than the market anticipates.

What The Data Shows

The stock opened at $12.72 and traded as high as $13.83 before settling near $13.78 in morning trading. Volume stood at 2.4 million shares, or 0.4 times the 3-month daily average. The stock has declined 9.8% over the last 8 sessions, falling from $14.04 to $12.67. Almonty’s fundamentals show a revenue increase of 204.5% in the trailing twelve months and a net margin of 125.2%. The stock is currently trading within its 52-week range of $5.25 to $24.41.

What To Watch

Investors should monitor the company’s upcoming production developments at the Sangdong and Shyorongi projects, as well as any further analyst coverage or valuation adjustments.