Elmet Group (NASDAQ:ELMT) Shares Gap Up After Earnings Beat

Elmet Group Co. (NASDAQ:ELMT)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $16.93, but opened at $18.78. Elmet Group shares last traded at $18.38, with a volume of 138,972 shares changing hands.

The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. Elmet Group’s revenue for the quarter was up 35.2% on a year-over-year basis.

Wall Street Analyst Weigh In

ELMT has been the subject of a number of research reports. Wall Street Zen upgraded Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings began coverage on Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating on the stock. Canaccord Genuity Group assumed coverage on Elmet Group in a report on Monday, May 18th. They issued a “buy” rating and a $20.00 price target on the stock. Roth Capital started coverage on Elmet Group in a research note on Monday, May 18th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Zacks Research raised Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Elmet Group Price Performance

The firm has a market cap of $555.08 million and a PE ratio of 80.49. The company has a quick ratio of 0.66, a current ratio of 1.75 and a debt-to-equity ratio of 0.68. The business has a fifty day moving average of $16.81.

About Elmet Group

Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.