Elmet Group Co. (NASDAQ:ELMT) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Wall Street’s consensus rating is “Moderate Buy”: Four of six analysts recommend buying ELMT, while one rates it a hold and one a sell. The average 12-month price target is $25.00, above the stock’s $18.93 opening price.
• Recent analyst targets increased: Canaccord Genuity, Needham and Roth Capital raised their price targets to $26, $28 and $26, respectively, while maintaining buy ratings.
• Elmet reported stronger-than-expected quarterly results, posting $0.18 in EPS versus consensus of a $0.20 loss and $66.4 million in revenue, up 35.2% year over year. The company is a SPAC pursuing a business combination rather than an operating company with established products or services.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) has earned an average rating of "Moderate Buy" from the six ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $25.00.

A number of research firms have recently commented on ELMT. Canaccord Genuity Group increased their target price on Elmet Group from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, October 6th. Needham & Company LLC lifted their price target on Elmet Group from $25.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, October 8th. Weiss Ratings raised Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday, October 2nd. Finally, Roth Capital reiterated a "buy" rating and issued a $26.00 price target (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th.

Elmet Group Stock Down 2.9%

ELMT stock opened at $18.93 on Friday. Elmet Group has a twelve month low of $12.48 and a twelve month high of $25.03. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The company has a market cap of $576.61 million and a price-to-earnings ratio of 46.17. The company's 50 day moving average is $18.88.

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

Institutional Trading of Elmet Group

A number of institutional investors and hedge funds have recently bought and sold shares of ELMT. State of Alaska Department of Revenue purchased a new position in Elmet Group in the third quarter worth about $34,000. Bangor Savings Bank bought a new position in shares of Elmet Group in the third quarter worth approximately $48,741,000. State Street Corp purchased a new stake in shares of Elmet Group during the second quarter valued at approximately $2,640,000. Squarepoint Ops LLC purchased a new stake in shares of Elmet Group during the second quarter valued at approximately $2,560,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Elmet Group during the second quarter valued at approximately $10,537,000.

About Elmet Group

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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