Elmet Group Co. (NASDAQ:ELMT – Get Free Report)’s share price reached a new 52-week high on Monday . The company traded as high as $23.23 and last traded at $22.4080, with a volume of 3465638 shares. The stock had previously closed at $16.19.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the company. Roth Capital assumed coverage on Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective on the stock. Cantor Fitzgerald started coverage on Elmet Group in a report on Monday, May 18th. They set an “overweight” rating and a $20.00 target price for the company. Zacks Research upgraded shares of Elmet Group to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings began coverage on shares of Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating on the stock. Finally, Needham & Company LLC started coverage on shares of Elmet Group in a report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.75.
Read Our Latest Report on Elmet Group
Elmet Group Trading Up 30.4%
Elmet Group (NASDAQ:ELMT – Get Free Report) last posted its quarterly earnings results 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 business had revenue of $66.40 million during the quarter. Elmet Group’s revenue was up 35.2% on a year-over-year basis. Analysts predict that Elmet Group Co. will post 0.72 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System bought a new position in Elmet Group during the second quarter valued at approximately $53,000. Squarepoint Ops LLC bought a new stake in Elmet Group in the 2nd quarter worth approximately $2,560,000. AWM Investment Company Inc. bought a new stake in Elmet Group in the 2nd quarter worth approximately $6,807,000. Finally, Wellington Management Group LLP purchased a new stake in Elmet Group during the 2nd quarter valued at $10,537,000.
Elmet Group Company Profile
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.
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