Algoma Steel Group Inc. [ASTL] is -5.99% lower this YTD. Is it still time to buy?

Algoma Steel Group Inc. [NASDAQ: ASTL] loss -6.14% on the last trading session, reaching $5.96 price per share at the time. The company report on January 9, 2023 that Algoma Steel Provides Fiscal Third Quarter 2023 Guidance.

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Fiscal third quarter 2023 total steel shipments are expected to be approximately 455,000 tons and Adjusted EBITDA is expected to be in a range of $(35) million to $(45) million.

Algoma Steel Group Inc. represents 103.86 million in outstanding shares, while the company has a total market value of $600.41 million with the latest information. ASTL stock price has been found in the range of $5.785 to $6.10.

If compared to the average trading volume of 1.10M shares, ASTL reached a trading volume of 3654877 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Algoma Steel Group Inc. [ASTL]:

Stifel have made an estimate for Algoma Steel Group Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on June 30, 2022. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Outperform. The new note on the price target was released on December 07, 2021, representing the official price target for Algoma Steel Group Inc. stock.

The Average True Range (ATR) for Algoma Steel Group Inc. is set at 0.30, with the Price to Sales ratio for ASTL stock in the period of the last 12 months amounting to 0.23. The Price to Book ratio for the last quarter was 0.55, with the Price to Cash per share for the same quarter was set at 3.40. Price to Free Cash Flow for ASTL in the course of the last twelve months was 1.19 with Quick ratio for the last quarter at 1.80.

Trading performance analysis for ASTL stock

Algoma Steel Group Inc. [ASTL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.79. With this latest performance, ASTL shares dropped by -5.85% in over the last four-week period, additionally sinking by -33.41% over the last 6 months – not to mention a drop of -42.25% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ASTL stock in for the last two-week period is set at 43.03, with the RSI for the last a single of trading hit 41.17, and the three-weeks RSI is set at 43.47 for Algoma Steel Group Inc. [ASTL]. The present Moving Average for the last 50 days of trading for this stock 6.44, while it was recorded at 6.16 for the last single week of trading, and 8.37 for the last 200 days.

Algoma Steel Group Inc. [ASTL]: A deeper dive into fundamental analysis

Algoma Steel Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.80 and a Current Ratio set at 3.60.

An analysis of insider ownership at Algoma Steel Group Inc. [ASTL]

There are presently around $396 million, or 65.80% of ASTL stock, in the hands of institutional investors. The top three institutional holders of ASTL stocks are: CONTRARIAN CAPITAL MANAGEMENT, L.L.C. with ownership of 7,501,359, which is approximately -9.199% of the company’s market cap and around 10.64% of the total institutional ownership; MAPLE ROCK CAPITAL PARTNERS INC., holding 6,136,299 shares of the stock with an approximate value of $36.57 million in ASTL stocks shares; and BAIN CAPITAL CREDIT, LP, currently with $30.8 million in ASTL stock with ownership of nearly -74.39% of the company’s market capitalization.

Positions in Algoma Steel Group Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 64 institutional holders increased their position in Algoma Steel Group Inc. [NASDAQ:ASTL] by around 14,885,708 shares. Additionally, 70 investors decreased positions by around 52,342,599 shares, while 15 investors held positions by with 713,785 shares. The mentioned changes placed institutional holdings at 66,514,522 shares, according to the latest SEC report filing. ASTL stock had 30 new institutional investments in for a total of 5,351,660 shares, while 36 institutional investors sold positions of 10,053,906 shares during the same period.

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