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

Algoma Steel Group Inc. (NASDAQ:ASTL) shares shot up 6.4% on Thursday . The stock traded as high as $6.29 and last traded at $6.19. 560,152 shares changed hands during 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 Performance

The stock has a market cap of $631.19 million, a PE ratio of -4.74 and a beta of 1.48. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The business’s fifty day moving average price is $7.91 and its 200-day moving average price is $9.45.

Institutional Inflows and Outflows

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