Elmet Group (NASDAQ:ELMT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity raised Elmet Group’s price target from $20 to $21 while maintaining a “buy” rating, implying approximately 11.6% upside from the reported $18.82 share price.
• Analyst sentiment is broadly positive: four analysts rate the stock “buy,” one rates it “hold,” and one rates it “sell,” resulting in a consensus “Moderate Buy” rating and an average target of $20.75.
• Elmet reported quarterly earnings of $0.18 per share, beating estimates by $0.38, while revenue rose 35.2% year over year to $66.4 million. AWM Investment Company also acquired 344,853 shares, worth roughly $6.8 million.

Elmet Group (NASDAQ:ELMT - Get Free Report) had its price objective raised by equities research analysts at Canaccord Genuity Group from $20.00 to $21.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 11.58% from the company's current price.

A number of other equities research analysts have also commented on ELMT. Roth Capital initiated coverage on shares of Elmet Group in a report on Monday, May 18th. They set a "buy" rating and a $21.00 price objective on the stock. Cantor Fitzgerald initiated coverage on Elmet Group in a report on Monday, May 18th. They issued an "overweight" rating and a $20.00 price target on the stock. Wall Street Zen raised Elmet Group to a "hold" rating in a research report on Saturday, May 2nd. Needham & Company LLC started coverage on Elmet Group in a research report on Monday, May 18th. They issued a "buy" rating and a $21.00 target price on the stock. Finally, Weiss Ratings initiated coverage on Elmet Group in a research report on Monday, July 20th. They set a "sell (e)" rating for the company. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Elmet Group Price Performance

NASDAQ:ELMT opened at $18.82 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. Elmet Group has a 12-month low of $12.48 and a 12-month high of $22.51. The business has a fifty day moving average of $16.80. The company has a market cap of $573.26 million and a price-to-earnings ratio of 81.83.

Elmet Group (NASDAQ:ELMT - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The company's revenue was up 35.2% on a year-over-year basis. As a group, equities research analysts expect that Elmet Group will post 0.53 earnings per share for the current year.

Institutional Trading of Elmet Group

A hedge fund recently bought a new stake in Elmet Group stock. AWM Investment Company Inc. purchased a new stake in Elmet Group Co. (NASDAQ:ELMT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 344,853 shares of the company's stock, valued at approximately $6,807,000. AWM Investment Company Inc. owned about 1.15% of Elmet Group as of its most recent filing with the Securities and Exchange Commission.

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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