Elmet Group (NASDAQ:ELMT) Shares Up 9.6% – What’s Next?

Shares of Elmet Group Co. (NASDAQ:ELMT) were up 9.6% during mid-day trading on Thursday . The company traded as high as $21.88 and last traded at $21.7530. 365,016 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 696,171 shares. The stock had previously closed at $19.84.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Roth Capital restated a “buy” rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a research report on Tuesday. Weiss Ratings began coverage on shares of Elmet Group in a research note on Monday, July 20th. They set a “sell (e)” rating for the company. Canaccord Genuity Group upped their target price on shares of Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Needham & Company LLC raised their price target on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Elmet Group Price Performance

The stock has a fifty day moving average price of $16.61. The company has a market capitalization of $699.97 million and a price-to-earnings ratio of 56.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The company had revenue of $66.40 million for the quarter. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. On average, equities analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current fiscal year.

Institutional Trading of Elmet Group

A number of hedge funds and other institutional investors have recently modified their holdings of ELMT. Squarepoint Ops LLC acquired a new position in Elmet Group during the second quarter worth about $2,560,000. Wellington Management Group LLP bought a new position in shares of Elmet Group during the 2nd quarter valued at about $10,537,000. Finally, AWM Investment Company Inc. bought a new position in shares of Elmet Group during the 2nd quarter valued at about $6,807,000.

About Elmet Group

Elmet Group, Inc is a special purpose acquisition company (SPAC) formed to pursue a business combination with one or more privately held businesses. Rather than operating a traditional commercial enterprise, the company’s primary objective is to identify a target and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction.

Until a business combination is completed, Elmet Group does not have an established portfolio of products or services, and its activities are generally limited to evaluating potential acquisition candidates, conducting due diligence and managing the transaction process.