Elmet Group (NASDAQ:ELMT) Stock Falls 9% – Here’s Why

Elmet Group Co. (NASDAQ:ELMT) shares were down 9% during mid-day trading on Tuesday. The stock traded as low as $19.80 and last traded at $20.0160. 130,263 shares changed hands during trading, a decline of 80% from the average session volume of 666,125 shares. The stock had previously closed at $21.99.

Key Stories Impacting Elmet Group

These are some of the ELMT stories that stood out recently:

• Positive Sentiment: Canaccord Genuity raised its price target to $28 from $26 and reiterated a “buy” rating, implying about 33% upside from $21. Canaccord Genuity recommendations
• Positive Sentiment: Elmet outlined a 2031 full-run-rate target as a Department of War-backed expansion advances, pointing to potential longer-term growth. Expansion and run-rate outlook
• Neutral Sentiment: A short-interest update reported zero shares sold short and a zero-day short-interest ratio, suggesting little reported short positioning; the entry’s description of a “large increase” conflicts with those figures.

Wall Street Analysts Forecast Growth

ELMT has been the topic of a number of recent analyst reports. 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 note on Tuesday, September 15th. Cantor Fitzgerald upped their target price on Elmet Group from $20.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Canaccord Genuity Group lifted their price target on shares of Elmet Group from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC boosted their price objective on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.00.

Elmet Group Trading Up 8.4%

The firm has a market capitalization of $639.64 million and a PE ratio of 51.22. The business’s fifty day moving average is $20.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.60 and a current ratio of 5.91.

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

Hedge Funds Weigh In On Elmet Group

Several large investors have recently bought and sold shares of ELMT. State of Alaska Department of Revenue bought a new stake in Elmet Group in the 3rd quarter valued at $34,000. Russell Investments Group Ltd. raised its stake in shares of Elmet Group by 2,163.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company’s stock valued at $360,000 after buying an additional 17,222 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Elmet Group in the 3rd quarter valued at $701,000. Squarepoint Ops LLC bought a new position in shares of Elmet Group during the 2nd quarter worth about $2,560,000. Finally, Skylands Capital LLC increased its stake in Elmet Group by 22.9% in the third quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock valued at $2,655,000 after acquiring an additional 24,819 shares during the period.

Elmet Group Company Profile

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.