Almonty's Institutional Churn and Revenue Surge Paint a Split Picture
Published on 08/09/2026 at 04:31 | Redaktion boerse-global.de
The tungsten producer Almonty Industries has been a study in contrasts this summer — violent intraday swings on one hand, a sharply improving revenue profile on the other. The latest filings with US regulators add another layer of nuance: while one heavyweight asset manager has been trimming its exposure, a cluster of smaller institutional buyers has been moving in the opposite direction.
A 56% Trim at SEI, But Smaller Players Step In
SEI Investments Co. cut its Almonty stake by 56 percent during the first quarter, according to a mandatory disclosure filed with the SEC. The Philadelphia-area firm now holds 216,039 shares. That reduction, however, tells only part of the story. Several smaller institutional investors — including family-office-adjacent managers from the US and Switzerland — either built new positions or added to existing ones over the same period.
The divergence is worth parsing carefully. A single large holder trimming its position doesn't necessarily signal fundamental doubts about the business; portfolio mandates and risk parameters often drive such moves independent of a stock's specific merits. What matters more for shareholders is the operating environment Almonty now finds itself in.
Revenue Jumps 221%, Though Profit Remains Elusive
The company's first-quarter 2026 results, released recently, showed revenue of $25.4 million — a 221 percent surge year over year. The bottom line, however, remained in the red, with a loss of $0.02 per share. Almonty is growing far faster than it did a year ago, but it has yet to convert that momentum into profitability.
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That revenue acceleration stems from two developments: the start of processing activity at the Sangdong mine in South Korea and an expanded offtake agreement that has meaningfully lifted contracted revenue expectations. The market's attention now turns to the next quarterly report, expected in mid-August per financial calendar services, though the company has yet to confirm an official date.
Wild Swings and a Shrinking Ticker List
Friday's trading session encapsulated the stock's recent behavior. Almonty shares swung between $13.07 and $14.38 on August 8, closing at $14.36 — roughly 9.9 percent above the session low. Such range-bound chaos has become routine since the company's Nasdaq listing, fueled by production milestones, offtake updates and a multi-exchange delisting process that remains ongoing.
The market capitalization now exceeds C$4.4 billion, and the stock's beta sits well above 2, underscoring how sensitively it reacts to broader market movements.
Part of the volatility reflects a deliberate structural shift. Almonty is consolidating its trading venues: the Australian Securities Exchange has formally approved the company's removal from its official list under Listing Rule 17.11, with the delisting slated for September 1, 2026. Trading in CHESS depositary interests will be suspended at the close of August 28, 2026. The Toronto Stock Exchange listing already ended, effective at the close of trading on July 31, 2026. Once the ASX exit completes, Almonty shares will trade solely on the Nasdaq and the Frankfurt Stock Exchange.
The company cites the ASX's comparatively low — and declining — trading volumes versus the Nasdaq as the rationale. The move concentrates liquidity on North American and European venues. Almonty operates the Sangdong mine alongside facilities in Portugal.
Tungsten's Historic Squeeze
The broader backdrop remains the tungsten market itself, where prices have reportedly climbed as much as 800 percent. The surge traces back to supply constraints from China, the dominant producer, and has rippled through industries from artificial intelligence to defense, both of which depend on tungsten for hard metals and high-performance alloys. One Australian miner saw its valuation balloon to billions within a short span. For producers outside China with available capacity, the shortage represents a strategic opening.
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Analysts Stay Constructive
Wall Street's view of Almonty remains largely positive despite the mixed institutional flows. DA Davidson rates the stock a Buy with a $33 price target, while Oppenheimer assigns an Outperform rating with a $25 target. The consensus sits at Moderate Buy, with an average price target of $21.88.
The stock has also found favor beyond traditional sell-side coverage. In a weekly portfolio review by investor Kissig, Almonty ranked among the top performers last week, alongside names like Rocket Lab, Texas Pacific Land, Vincorion and Deutsche Rohstoff AG. The review framed the move within a broader commodities rally — oil, raw materials and aerospace have dominated recent trading, and tungsten as a critical resource is riding that wave directly.
For Almonty shareholders, the calculus remains straightforward: surging revenue, a tight global supply picture and optimistic price targets on one side, against persistent losses and a stock that moves sharply in both directions on the other. The next earnings release will test whether the operational momentum can finally translate into the kind of stability the share price has so far lacked.
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