Elmet Group Co. (NASDAQ:ELMT – Get Free Report)’s stock price traded down 7.7% during trading on Friday . The company traded as low as $20.35 and last traded at $20.2850. Approximately 104,679 shares traded hands during trading, a decline of 85% from the average session volume of 700,108 shares. The stock had previously closed at $21.97.
Analyst Ratings Changes
Several research analysts recently issued reports on ELMT shares. Weiss Ratings started coverage on shares of Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating on the stock. Needham & Company LLC increased their price objective on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday. Canaccord Genuity Group increased their price target on shares of Elmet Group from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Finally, Roth Capital reiterated 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. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.
Read Our Latest Stock Analysis on Elmet Group
Elmet Group Stock Down 1.3%
Elmet Group (NASDAQ:ELMT – Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. The company’s quarterly revenue was up 35.2% on a year-over-year basis. As a group, analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current year.
Institutional Trading of Elmet Group
Several institutional investors and hedge funds have recently made changes to their positions in ELMT. Wellington Management Group LLP bought a new stake in shares of Elmet Group in the 2nd quarter valued at about $10,537,000. AWM Investment Company Inc. acquired a new stake in Elmet Group in the second quarter worth about $6,807,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Elmet Group during the second quarter worth about $2,560,000.
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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