Algoma Steel Group (NASDAQ:ASTL) Sees Unusually-High Trading Volume - Still a Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) saw strong trading volume on Monday . 546,550 shares were traded during 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 Price Performance

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 company has a 50-day simple moving average of $7.91 and a 200-day simple moving average of $9.45. The company has a market cap of $652.06 million, a price-to-earnings ratio of -4.89 and a beta of 1.48.

Institutional Inflows and Outflows

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

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.

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