Elmet Group (NASDAQ:ELMT) Shares Up 8.7% – What’s Next?

Elmet Group Co. (NASDAQ:ELMT)’s stock price was up 8.7% during mid-day trading on Wednesday. The stock traded as high as $20.21 and last traded at $20.69. 129,427 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 681,739 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

ELMT has been the topic of several research analyst reports. Canaccord Genuity Group raised their price target on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, October 2nd. Needham & Company LLC boosted their price target on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 8th. Finally, Roth Capital restated a “buy” rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Elmet Group has an average rating of “Moderate Buy” and an average price target of $25.00.

Elmet Group Stock Performance

The company’s 50-day simple moving average is $18.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The firm has a market cap of $651.94 million and a P/E ratio of 52.22.

Elmet Group (NASDAQ:ELMT) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. As a group, research analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current year.

Institutional Trading of Elmet Group

A number of institutional investors have recently modified their holdings of the company. Bangor Savings Bank bought a new position in Elmet Group in the third quarter valued at approximately $48,741,000. Wellington Management Group LLP bought a new stake in shares of Elmet Group during the second quarter worth approximately $10,537,000. AWM Investment Company Inc. acquired a new position in shares of Elmet Group in the second quarter valued at about $6,807,000. State Street Corp acquired a new stake in shares of Elmet Group in the second quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC acquired a new stake in Elmet Group during the second quarter worth about $2,560,000.

Elmet Group Company Profile

Elmet Group, Inc is a blank check company, also known as a special purpose acquisition company (SPAC). Its primary objective is to identify and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more operating businesses.

Because Elmet Group was formed to pursue a business combination, it does not currently operate as a traditional company with established products, services or revenue-generating business segments.