Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase – Here’s Why

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) saw strong trading volume on Tuesday . 1,391,251 shares changed hands during mid-day trading, an increase of 131% from the previous session’s volume of 601,811 shares.The stock last traded at $7.14 and had previously closed at $7.36.

Algoma Steel Group Trading Down 4.5 %

The business has a 50 day moving average price of $8.65 and a 200 day moving average price of $9.69. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $737.31 million, a P/E ratio of -5.53 and a beta of 1.46.

Institutional Investors Weigh In On Algoma Steel Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASTL. Aquatic Capital Management LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter worth approximately $64,000. Wexford Capital LP bought a new stake in Algoma Steel Group during the third quarter worth $107,000. Squarepoint Ops LLC acquired a new stake in shares of Algoma Steel Group in the 4th quarter valued at $114,000. Two Sigma Advisers LP bought a new position in shares of Algoma Steel Group in the 4th quarter valued at $117,000. Finally, Corient Private Wealth LLC bought a new stake in shares of Algoma Steel Group during the 4th quarter worth $147,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.