Elmet Group (NASDAQ:ELMT) Shares Climb 13.3% After Analyst Upgrade

Elmet Group Co. (NASDAQ:ELMT)’s share price traded up 13.3% during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $21.00 to $26.00. Canaccord Genuity Group currently has a buy rating on the stock. Elmet Group traded as high as $23.62 and last traded at $24.13. Approximately 82,512 shares traded hands during trading, a decline of 88% from the average session volume of 701,004 shares. The stock had previously closed at $21.29.

Several other research analysts have also recently issued reports on the stock. Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Needham & Company LLC boosted their target price on Elmet Group from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Finally, Roth Capital reissued a “buy” rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Elmet Group currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Investors Weigh In On Elmet Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC acquired a new stake in Elmet Group in the 2nd quarter valued at about $2,560,000. State Street Corp acquired a new position in shares of Elmet Group in the 2nd quarter worth approximately $2,640,000. AWM Investment Company Inc. acquired a new position in shares of Elmet Group in the 2nd quarter worth approximately $6,807,000. Wellington Management Group LLP bought a new stake in shares of Elmet Group in the 2nd quarter worth approximately $10,537,000. Finally, Bangor Savings Bank bought a new stake in shares of Elmet Group in the 3rd quarter worth approximately $48,741,000.

Elmet Group Stock Down 6.6%

The firm has a market capitalization of $658.55 million and a price-to-earnings ratio of 52.73. The business’s 50 day moving average is $18.19. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT) last issued its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The firm’s revenue was up 35.2% compared to the same quarter last year. On average, sell-side analysts predict that Elmet Group Co. will post 0.72 earnings per share for the current year.

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.