Elmet Group Co. (NASDAQ:ELMT – Get Free Report)’s stock price rose 8.7% during mid-day trading on Wednesday. The stock traded as high as $20.21 and last traded at $20.69. 129,427 shares traded hands during trading, a decline of 81% from the average daily volume of 681,739 shares. The stock had previously closed at $19.04.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ELMT. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Needham & Company LLC increased their price objective on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. Roth Capital reissued 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. Finally, Canaccord Genuity Group increased their price objective on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $25.00.
View Our Latest Stock Report on ELMT
Elmet Group Stock Performance
The company’s 50 day simple moving average is $18.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The firm has a market capitalization of $651.94 million and a P/E ratio of 52.22.
Elmet Group (NASDAQ:ELMT – Get Free Report) last released its quarterly earnings data 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. On average, analysts anticipate that Elmet Group Co. will post 0.72 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Bangor Savings Bank bought a new position in shares of Elmet Group in the third quarter worth about $48,741,000. Wellington Management Group LLP bought a new position in shares of Elmet Group in the 2nd quarter valued at about $10,537,000. AWM Investment Company Inc. bought a new stake in shares of Elmet Group in the 2nd quarter worth about $6,807,000. State Street Corp purchased a new stake in shares of Elmet Group in the second quarter worth approximately $2,640,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Elmet Group in the second quarter valued at approximately $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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