Elmet Group Co.’s (NASDAQ:ELMT) Lock-Up Period Set To Expire Tomorrow

Elmet Group’s (NASDAQ:ELMT) lock-up period is set to expire on Tuesday, October 20th. Elmet Group had issued 8,571,428 shares in its initial public offering on April 23rd. The total size of the offering was $119,999,992 based on an initial share price of $14.00. After the expiration of Elmet Group’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Analysts Set New Price Targets

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

Elmet Group Stock Performance

ELMT opened at $18.93 on Monday. The firm has a fifty day moving average price of $18.88. The stock has a market capitalization of $576.59 million and a PE ratio of 46.17. Elmet Group has a fifty-two week low of $12.48 and a fifty-two week high of $25.03. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT) last posted its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) 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% compared to the same quarter last year. On average, equities research analysts forecast that Elmet Group will post 0.72 earnings per share for the current year.

Hedge Funds Weigh In On Elmet Group

Hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue purchased a new stake in shares of Elmet Group in the third quarter valued at approximately $34,000. Squarepoint Ops LLC purchased a new position in shares of Elmet Group during the 2nd quarter valued at approximately $2,560,000. State Street Corp purchased a new position in shares of Elmet Group during the 2nd quarter valued at approximately $2,640,000. AWM Investment Company Inc. acquired a new stake in Elmet Group in the 2nd quarter valued at $6,807,000. Finally, Wellington Management Group LLP acquired a new stake in Elmet Group in the 2nd quarter valued at $10,537,000.

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.