Elmet Group (NASDAQ:ELMT) Stock Jumps 11.2% Following Analyst Upgrade

Elmet Group Co. (NASDAQ:ELMT) traded up 11.2% on Wednesday after Canaccord Genuity Group raised their price target on the stock from $26.00 to $28.00. Canaccord Genuity Group currently has a buy rating on the stock. Elmet Group traded as high as $21.62 and last traded at $21.5410. 86,908 shares were traded during trading, a decline of 87% from the average daily volume of 669,364 shares. The stock had previously closed at $19.38.

Several other research firms have also issued reports on ELMT. Cantor Fitzgerald lifted their price target on shares of 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 shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Roth Capital restated a “buy” rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Finally, Needham & Company LLC boosted their target price on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Four 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Institutional Trading of Elmet Group

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

Elmet Group Price Performance

The stock’s 50 day moving average is $20.30. The company has a quick ratio of 1.60, a current ratio of 5.91 and a debt-to-equity ratio of 0.12.

Elmet Group (NASDAQ:ELMT) last issued 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 company’s revenue was up 55.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. On average, equities research analysts expect that Elmet Group Co. will post 0.72 earnings per share for the current fiscal year.

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.