Algoma Steel Group (NASDAQ:ASTL) Trading Up 6.4% – Should You Buy?

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) traded up 6.4% during trading on Thursday . The stock traded as high as $6.29 and last traded at $6.19. 560,152 shares were traded during mid-day trading, a decline of 41% from the average session volume of 945,567 shares. The stock had previously closed at $5.82.

Algoma Steel Group Stock Up 3.4 %

The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The business has a 50-day simple moving average of $7.91 and a 200-day simple moving average of $9.45. The stock has a market cap of $631.19 million, a P/E ratio of -4.74 and a beta of 1.48.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds have recently bought and sold shares of ASTL. FMR LLC bought a new position in Algoma Steel Group during the third quarter worth $36,008,000. Assenagon Asset Management S.A. acquired a new position in Algoma Steel Group during the fourth quarter worth $1,248,000. JPMorgan Chase & Co. raised its position in Algoma Steel Group by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock worth $3,656,000 after acquiring an additional 49,642 shares during the period. Stifel Financial Corp bought a new position in Algoma Steel Group in the 3rd quarter worth about $390,000. Finally, PCJ Investment Counsel Ltd. purchased a new position in Algoma Steel Group in the third quarter worth $1,879,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

About Algoma Steel Group

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.