Elmet Group (NASDAQ:ELMT) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised Elmet Group’s price target from $20 to $30 while maintaining an “overweight” rating, implying 43.47% upside from the prior close.
• Analyst sentiment is broadly positive: Elmet has four Buy ratings, one Hold and one Sell, resulting in a “Moderate Buy” consensus and an average price target of $27.50.
• Elmet reported quarterly EPS of $0.18, beating estimates by $0.38, while revenue rose 35.2% year over year to $66.4 million; multiple institutional investors also recently initiated positions.

Elmet Group (NASDAQ:ELMT - Get Free Report) had its price target hoisted by analysts at Cantor Fitzgerald from $20.00 to $30.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Cantor Fitzgerald's target price suggests a potential upside of 43.47% from the stock's previous close.

Several other equities analysts have also recently weighed in on ELMT. 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. Needham & Company LLC lifted their price objective on Elmet Group from $25.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, October 8th. Canaccord Genuity Group upped their price objective on Elmet Group from $21.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, October 6th. Finally, Weiss Ratings upgraded Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday, October 2nd. Four 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

Elmet Group Price Performance

ELMT opened at $20.91 on Friday. The firm's 50-day moving average is $19.14. Elmet Group has a 52 week low of $12.48 and a 52 week high of $25.03. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT - Get Free Report) last issued 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 firm had revenue of $66.40 million for the quarter. The firm's revenue for the quarter was up 35.2% on a year-over-year basis. As a group, equities research analysts anticipate that Elmet Group will post 0.72 EPS for the current fiscal year.

Institutional Trading of Elmet Group

Several hedge funds have recently made changes to their positions in ELMT. Bangor Savings Bank bought a new stake in Elmet Group during the third quarter worth approximately $48,741,000. Wellington Management Group LLP bought a new stake in shares of Elmet Group in the 2nd quarter valued at approximately $10,537,000. AWM Investment Company Inc. bought a new stake in shares of Elmet Group in the 2nd quarter valued at approximately $6,807,000. State Street Corp purchased a new position in shares of Elmet Group in the 2nd quarter worth approximately $2,640,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Elmet Group in the 2nd quarter worth approximately $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.

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