Elmet Group Co. (NASDAQ:ELMT) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Elmet Group Co. (NASDAQ:ELMT) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $23.00.

Several equities research analysts have recently issued reports on ELMT shares. Roth Capital reaffirmed a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Needham & Company LLC increased their target price on Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Canaccord Genuity Group raised their price target on Elmet Group from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Finally, Weiss Ratings assumed coverage on Elmet Group in a report on Monday, July 20th. They set a “sell (e)” rating for the company.

Elmet Group Stock Up 2.7%

Shares of NASDAQ:ELMT opened at $19.15 on Wednesday. The company has a 50 day moving average price of $17.35. The firm has a market capitalization of $583.31 million and a PE ratio of 46.71. Elmet Group has a fifty-two week low of $12.48 and a fifty-two week high of $25.03. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. The firm’s revenue was up 35.2% on a year-over-year basis. On average, equities analysts anticipate that Elmet Group will post 0.72 EPS for the current year.

Institutional Investors Weigh In On Elmet Group

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp acquired a new position in Elmet Group in the second quarter valued at approximately $2,640,000. Squarepoint Ops LLC acquired a new stake in Elmet Group during the second quarter worth approximately $2,560,000. Wellington Management Group LLP purchased a new stake in shares of Elmet Group during the 2nd quarter worth approximately $10,537,000. Finally, AWM Investment Company Inc. purchased a new stake in shares of Elmet Group during the 2nd quarter worth approximately $6,807,000.

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.