Elmet Group (NASDAQ:ELMT) Stock Jumps 5.3% – Here’s What Happened

Elmet Group Co. (NASDAQ:ELMT)’s share price was up 5.3% during mid-day trading on Tuesday. The stock traded as high as $19.67 and last traded at $19.6270. Approximately 84,953 shares changed hands during trading, a decline of 88% from the average session volume of 701,924 shares. The stock had previously closed at $18.64.

Wall Street Analysts Forecast Growth

ELMT has been the subject of several recent research reports. Weiss Ratings started coverage on Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating for the company. Canaccord Genuity Group raised their price target on shares of Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. 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, Needham & Company LLC raised their target price on shares of Elmet Group from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, September 15th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Elmet Group Stock Up 4.2%

The company has a market capitalization of $607.98 million and a P/E ratio of 48.68. The stock has a 50 day moving average of $17.44. 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 announced its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.38. The company had revenue of $66.40 million for the quarter. Elmet Group’s revenue was up 35.2% compared to the same quarter last year. Analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Hedge Funds Weigh In On Elmet Group

A number of large investors have recently modified their holdings of the company. State Street Corp acquired a new stake in Elmet Group during the 2nd quarter worth approximately $2,640,000. Squarepoint Ops LLC acquired a new position in Elmet Group during the second quarter valued at approximately $2,560,000. Wellington Management Group LLP acquired a new position in Elmet Group during the second quarter valued at approximately $10,537,000. Finally, AWM Investment Company Inc. purchased a new stake in Elmet Group during the second 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.