Short Interest in Elmet Group Co. (NASDAQ:ELMT) Drops By 52.4%

Elmet Group Co. (NASDAQ:ELMT) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 964,515 shares, a decrease of 52.4% from the June 30th total of 2,027,225 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 503,222 shares, the days-to-cover ratio is currently 1.9 days.

Elmet Group Stock Down 11.1%

NASDAQ:ELMT traded down $1.60 during mid-day trading on Wednesday, reaching $12.88. 472,228 shares of the stock were exchanged, compared to its average volume of 650,408. The business’s fifty day moving average price is $17.06. The company has a market cap of $386.29 million and a price-to-earnings ratio of 56.24. Elmet Group has a 1-year low of $12.81 and a 1-year high of $22.51.

Elmet Group (NASDAQ:ELMT) last released its earnings results on Friday, May 29th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.41. The business had revenue of $56.01 million for the quarter, compared to analyst estimates of $52.77 million.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ELMT shares. Wall Street Zen upgraded Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Canaccord Genuity Group initiated coverage on shares of Elmet Group in a report on Monday, May 18th. They issued a “buy” rating and a $20.00 price objective on the stock. Zacks Research upgraded shares of Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Cantor Fitzgerald started coverage on shares of Elmet Group in a research note on Monday, May 18th. They set an “overweight” rating and a $20.00 target price for the company. Finally, Roth Capital began coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. Four 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, Elmet Group presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Elmet Group Company Profile

Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.