Elmet Group (NASDAQ:ELMT) Stock Price Down 14.2% – What’s Next?

Elmet Group Co. (NASDAQ:ELMT) dropped 14.2% during trading on Wednesday. The company traded as low as $19.81 and last traded at $18.9270. 188,219 shares were traded during trading, a decline of 72% from the average daily volume of 661,859 shares. The stock had previously closed at $22.06.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Needham & Company LLC boosted their price target on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Cantor Fitzgerald lifted their price objective on shares of Elmet Group from $20.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Roth Capital restated a “buy” rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Finally, Canaccord Genuity Group boosted their target price on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Elmet Group Stock Performance

The stock’s fifty day simple moving average is $19.92. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm has a market cap of $592.28 million and a P/E ratio of 47.44.

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The company had revenue of $66.40 million for the quarter. Elmet Group’s revenue for the quarter was up 35.2% on a year-over-year basis. As a group, equities analysts anticipate that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Elmet Group

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

About Elmet Group

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.