Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down – Time to Sell?

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) gapped down prior to trading on Monday . The stock had previously closed at $8.32, but opened at $8.12. Algoma Steel Group shares last traded at $8.26, with a volume of 125,320 shares traded.

Algoma Steel Group Price Performance

The stock’s 50-day moving average is $9.11 and its two-hundred day moving average is $9.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ASTL. FMR LLC bought a new stake in shares of Algoma Steel Group in the third quarter worth about $36,008,000. Yaupon Capital Management LP bought a new stake in Algoma Steel Group in the 3rd quarter worth approximately $9,165,000. Invenomic Capital Management LP raised its holdings in shares of Algoma Steel Group by 112.1% during the 3rd quarter. Invenomic Capital Management LP now owns 636,917 shares of the company’s stock worth $6,516,000 after acquiring an additional 336,687 shares in the last quarter. PCJ Investment Counsel Ltd. bought a new position in shares of Algoma Steel Group during the 3rd quarter valued at approximately $1,879,000. Finally, Consolidated Portfolio Review Corp purchased a new position in shares of Algoma Steel Group in the third quarter valued at $1,382,000. Institutional investors 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.