Almonty Industries Inc. (ALM) Moves 12.3% Higher: Will This Strength Last?

Almonty Industries Inc. (ALM) shares rallied 12.3% in the last trading session to close at $5.95. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.5% gain over the past four weeks.Almonty Industries shares have gained following its announcement that it has commenced a large-scale drilling program at its Sangdong Molybdenum Project in Yeongwol, Gangwon Province, South Korea. A total of 26 drill holes, spanning 11,700 meters of underground space will be drilled to confirm mineral reserves of molybdenum. Following this campaign, Almonty expects to update the Technical Report and commence production.Almonty already holds an exclusive agreement to supply 100% of future molybdenum output from the Sangdong Molybdenum Project to SeAH M&S, a subsidiary of the SeAH Group.The company is accelerating its molybdenum drilling campaign in response to South Korea’s acute molybdenum shortage. If molybdenum production at the Sangdong Molybdenum Project begins alongside the Sangdong Tungsten Mine, which is already in its Phase I production preparation stage, it could lead to significant benefits.This company is expected to post quarterly earnings of $0.00 per share in its upcoming report, which represents a year-over-year change of +100%. Revenues are expected to be $17.33 million, up 248% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Almonty Industries Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ALM going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Almonty Industries Inc. is part of the Zacks Mining - Miscellaneous industry. Teck Resources Ltd (TECK), another stock in the same industry, closed the last trading session 0.3% lower at $38.62. TECK has returned 16.3% in the past month.For Teck Resources, the consensus EPS estimate for the upcoming report has changed +1% over the past month to $0.43. This represents a change of -2.3% from what the company reported a year ago. Teck Resources currently has a Zacks Rank of #3 (Hold).Quantum Computing Stocks Set To SoarArtificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.Access the Report Free Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Almonty Industries Inc. (ALM): Free Stock Analysis Report Teck Resources Ltd (TECK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks