Elmet Group Co. (NASDAQ:ELMT – Get Free Report) rose 11.2% on Wednesday. The stock traded as high as $21.62 and last traded at $21.5410. Approximately 86,908 shares were traded during trading, a decline of 87% from the average daily volume of 669,364 shares. The stock had previously closed at $19.38.
Analyst Ratings Changes
Several brokerages have issued reports on ELMT. Canaccord Genuity Group upped their price target on shares of Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Needham & Company LLC increased their target price on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Cantor Fitzgerald lifted their target price on shares of Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Finally, Roth Capital reiterated a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Four 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.50.
Check Out Our Latest Research Report on ELMT
Elmet Group Trading Up 15.1%
The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm has a market cap of $679.26 million and a P/E ratio of 54.38. The firm’s 50 day simple moving average is $20.11.
Elmet Group (NASDAQ:ELMT – Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.20. The business had revenue of $79.56 million for the quarter. The firm’s revenue was up 55.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. Equities analysts expect that Elmet Group Co. will post 0.72 earnings per share for the current year.
Institutional Investors Weigh In On Elmet Group
Hedge funds have recently made changes to their positions in the stock. Bangor Savings Bank purchased a new position in shares of Elmet Group during the third quarter valued at approximately $48,741,000. Wellington Management Group LLP purchased a new stake in shares of Elmet Group in the second quarter worth $10,537,000. AWM Investment Company Inc. purchased a new stake in shares of Elmet Group during the second quarter valued at approximately $6,807,000. Roubaix Capital LLC bought a new stake in Elmet Group during the 3rd quarter valued at approximately $6,015,000. Finally, State Street Corp bought a new stake in Elmet Group in the 2nd quarter valued at $2,640,000.
Elmet Group Company Profile
Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.
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