Elmet Group’s (NASDAQ:ELMT – Get Free Report) lock-up period will end on Tuesday, October 20th. Elmet Group had issued 8,571,428 shares in its IPO on April 23rd. The total size of the offering was $119,999,992 based on an initial share price of $14.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.
Analysts Set New Price Targets
A number of equities research analysts have commented on ELMT shares. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Canaccord Genuity Group upped their price objective on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Needham & Company LLC raised their target price on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. Finally, Roth Capital reissued a “buy” rating and issued a $26.00 price target (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Elmet Group has an average rating of “Moderate Buy” and an average target price of $25.00.
View Our Latest Report on ELMT
Elmet Group Stock Down 9.5%
Elmet Group (NASDAQ:ELMT – Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. Analysts anticipate that Elmet Group will post 0.72 EPS for the current fiscal year.
Hedge Funds Weigh In On Elmet Group
A number of hedge funds have recently bought and sold shares of ELMT. Bangor Savings Bank bought a new stake in shares of Elmet Group in the 3rd quarter valued at approximately $48,741,000. Wellington Management Group LLP bought a new position in shares of Elmet Group during the second quarter worth about $10,537,000. AWM Investment Company Inc. acquired a new stake in shares of Elmet Group in the second quarter valued at approximately $6,807,000. State Street Corp acquired a new stake in Elmet Group in the 2nd quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Elmet Group during the second quarter valued at $2,560,000.
About Elmet Group
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.
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