Algoma Steel Group (NASDAQ:ASTL) Sees Strong Trading Volume – Here’s What Happened

Algoma Steel Group Inc. (NASDAQ:ASTL) shares saw an uptick in trading volume on Tuesday . 1,391,251 shares traded hands during 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 Price Performance

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

Hedge Funds Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently bought and sold shares of ASTL. Mackenzie Financial Corp acquired a new position in Algoma Steel Group in the fourth quarter valued at approximately $1,955,000. Public Employees Retirement System of Ohio bought a new position in Algoma Steel Group during the fourth quarter worth $462,000. Woodline Partners LP grew its holdings in Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock worth $27,819,000 after purchasing an additional 1,057,517 shares during the period. Squarepoint Ops LLC bought a new stake in Algoma Steel Group in the 4th quarter valued at about $114,000. Finally, Two Sigma Advisers LP acquired a new position in shares of Algoma Steel Group during the fourth quarter worth approximately $117,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.