Squarepoint Ops LLC Acquires New Position in Elmet Group Co. $ELMT

Key Points

• Squarepoint Ops LLC acquired 129,701 shares of Elmet Group during the second quarter, valued at approximately $2.56 million and representing about 0.43% of the company. Wellington Management and AWM Investment also initiated sizable positions.
• Elmet Group reported quarterly EPS of $0.18, beating the consensus estimate by $0.38, while revenue reached $66.4 million, up 35.2% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $20.75 versus the stock’s $16.19 opening price. Elmet Group is a SPAC that has not yet completed a business combination.

Squarepoint Ops LLC acquired a new stake in Elmet Group Co. (NASDAQ:ELMT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 129,701 shares of the company's stock, valued at approximately $2,560,000. Squarepoint Ops LLC owned about 0.43% of Elmet Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ELMT. Wellington Management Group LLP acquired a new position in shares of Elmet Group in the 2nd quarter valued at $10,537,000. AWM Investment Company Inc. acquired a new stake in shares of Elmet Group during the second quarter worth $6,807,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Elmet Group during the second quarter worth $53,000.

Elmet Group Price Performance

NASDAQ ELMT opened at $16.19 on Monday. Elmet Group Co. has a one year low of $12.48 and a one year high of $22.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The firm has a market capitalization of $493.15 million and a price-to-earnings ratio of 39.49. The stock's 50-day simple moving average is $16.11.

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 (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. Elmet Group's revenue for the quarter was up 35.2% compared to the same quarter last year. Equities analysts anticipate that Elmet Group Co. will post 0.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Roth Capital started coverage on Elmet Group in a research note on Monday, May 18th. They issued a "buy" rating and a $21.00 target price on the stock. Zacks Research raised Elmet Group to a "hold" rating in a research note on Tuesday, May 19th. Cantor Fitzgerald started coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued an "overweight" rating and a $20.00 price target on the stock. Canaccord Genuity Group lifted 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, Weiss Ratings started coverage on shares of Elmet Group in a research note on Monday, July 20th. They set a "sell (e)" rating on the stock. 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.75.

Elmet Group Profile

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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