Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase – Here’s Why

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) saw strong trading volume on Monday . 546,550 shares traded hands during mid-day trading, a decline of 5% from the previous session’s volume of 572,724 shares.The stock last traded at $5.89 and had previously closed at $6.38.

Algoma Steel Group Stock Down 11.8 %

The firm’s 50-day moving average price is $8.16 and its 200 day moving average price is $9.53. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $589.97 million, a price-to-earnings ratio of -4.43 and a beta of 1.47.

Institutional Inflows and Outflows

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

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.