Elmet Group (NASDAQ:ELMT) Stock Gets Price Target Bump from Canaccord Genuity Group

Key Points

• Canaccord Genuity raised Elmet Group’s price target to $26 from $21 while maintaining a “buy” rating, implying roughly 9.5% upside from the stock’s current price.
• Analyst sentiment is broadly positive: Elmet has an overall “Moderate Buy” rating and an average price target of $24.25, with four analysts rating it a Buy.
• Shares rose 11.5% to $23.73 after the company reported quarterly EPS of $0.18, beating estimates, while revenue increased 35.2% year over year to $66.4 million.

Elmet Group (NASDAQ:ELMT - Get Free Report) had its target price raised by equities researchers at Canaccord Genuity Group from $21.00 to $26.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 9.54% from the company's current price.

Several other research firms have also weighed in on ELMT. Roth Capital restated 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. Needham & Company LLC increased their price objective on Elmet Group from $21.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday, September 15th. Finally, Weiss Ratings upgraded Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a report on Friday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Elmet Group presently has an average rating of "Moderate Buy" and an average price target of $24.25.

Elmet Group Trading Up 11.5%

NASDAQ ELMT traded up $2.44 during trading on Tuesday, reaching $23.73. The company's stock had a trading volume of 870,084 shares, compared to its average volume of 708,206. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $722.97 million and a PE ratio of 57.81. Elmet Group has a 1-year low of $12.48 and a 1-year high of $25.03. The stock has a 50-day simple moving average of $17.84.

Elmet Group (NASDAQ:ELMT - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The company's revenue for the quarter was up 35.2% on a year-over-year basis. As a group, analysts expect that Elmet Group will post 0.72 earnings per share for the current year.

Hedge Funds Weigh In On Elmet Group

A number of institutional investors have recently made changes to their positions in ELMT. Wellington Management Group LLP acquired a new stake in Elmet Group in the 2nd quarter valued at approximately $10,537,000. AWM Investment Company Inc. acquired a new position in shares of Elmet Group during the second quarter worth approximately $6,807,000. State Street Corp bought a new stake in shares of Elmet Group in the second quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Elmet Group in the second quarter valued at approximately $2,560,000.

Elmet Group Company Profile

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.

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