Elmet Group (NASDAQ:ELMT) Price Target Raised to $28.00

Elmet Group (NASDAQ:ELMT) had its price objective upped by Canaccord Genuity Group from $26.00 to $28.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target points to a potential upside of 30.67% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. 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. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Cantor Fitzgerald lifted their price target on Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Finally, Needham & Company LLC boosted their price objective on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Elmet Group Price Performance

Shares of ELMT traded up $2.05 during trading hours on Wednesday, hitting $21.43. The company’s stock had a trading volume of 659,832 shares, compared to its average volume of 673,393. The company has a market cap of $652.70 million and a P/E ratio of 52.66. 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 company has a 50 day moving average price of $20.11. Elmet Group has a 52-week low of $12.48 and a 52-week high of $25.46.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.20. The business had revenue of $79.56 million during the quarter. The firm’s revenue for the quarter was up 55.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.08 earnings per share. Research analysts predict that Elmet Group will post 0.72 earnings per share for the current year.

Institutional Trading of Elmet Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue purchased a new stake in Elmet Group in the 3rd quarter worth approximately $34,000. Russell Investments Group Ltd. grew its position in shares of Elmet Group by 2,163.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company’s stock valued at $360,000 after purchasing an additional 17,222 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Elmet Group in the third quarter worth $701,000. Squarepoint Ops LLC bought a new position in shares of Elmet Group in the second quarter worth $2,560,000. Finally, State Street Corp bought a new position in shares of Elmet Group in the second quarter worth $2,640,000.

About Elmet Group

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.