Elmet Group Co. (NASDAQ:ELMT) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately bullish: Six analysts rate Elmet Group “Moderate Buy,” with four buys, one hold and one sell. The average 12-month price target is $23.00, versus a recent share price of $20.82.
• Recent operating results exceeded expectations: Elmet reported quarterly EPS of $0.18, beating the consensus estimate of a $0.20 loss, while revenue rose 35.2% year over year to $66.4 million.
• Institutional interest has increased: Wellington Management, AWM Investment, State Street and Squarepoint Ops each established new positions in the company during the second quarter.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $23.00.

Several equities research analysts have recently issued reports on ELMT shares. Weiss Ratings began coverage on shares of Elmet Group in a report on Monday, July 20th. They issued a "sell (e)" rating for the company. 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 report on Tuesday, September 15th. Canaccord Genuity Group raised their price objective on shares of Elmet Group from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, August 17th. Finally, Needham & Company LLC boosted their target price on Elmet Group from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, September 15th.

Elmet Group Stock Performance

NASDAQ ELMT opened at $20.82 on Wednesday. The firm's 50 day moving average is $16.87. Elmet Group has a fifty-two week low of $12.48 and a fifty-two week high of $25.03. The company has a market cap of $634.18 million and a P/E ratio of 50.78. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

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

Hedge Funds Weigh In On Elmet Group

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

About Elmet Group

Elmet Group, Inc is a special purpose acquisition company (SPAC) formed to pursue a business combination with one or more privately held businesses. Rather than operating a traditional commercial enterprise, the company's primary objective is to identify a target and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction.

Until a business combination is completed, Elmet Group does not have an established portfolio of products or services, and its activities are generally limited to evaluating potential acquisition candidates, conducting due diligence and managing the transaction process.

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