Elmet Group Co.'s Lock-Up Period Set To End on October 20th (NASDAQ:ELMT)

Key Points

• Elmet Group’s lock-up period expires October 20, allowing insiders and major shareholders to sell shares. The company issued 8.57 million shares at $14.00 each in its April public offering, valued at approximately $120 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $25.00. Recent targets were raised to $26.00 by Canaccord Genuity and Roth Capital, and to $28.00 by Needham.
• ELMT shares opened at $20.52, while the company reported quarterly EPS of $0.18 versus expectations for a $0.20 loss and revenue growth of 35.2% year over year. Elmet Group is a SPAC that has not yet completed a business combination.

Elmet Group's (NASDAQ:ELMT - Get Free Report) lock-up period will expire on Tuesday, October 20th. Elmet Group had issued 8,571,428 shares in its public offering on April 23rd. The total size of the offering was $119,999,992 based on an initial share price of $14.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Analysts Set New Price Targets

Several research firms have recently weighed in on ELMT. Canaccord Genuity Group lifted their target price on shares of Elmet Group from $21.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Weiss Ratings raised shares of Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a report on Friday, October 2nd. Roth Capital restated a "buy" rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Needham & Company LLC upped their target price on shares of Elmet Group from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Elmet Group currently has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Elmet Group Stock Down 2.8%

Shares of NASDAQ:ELMT opened at $20.52 on Tuesday. Elmet Group has a 52 week low of $12.48 and a 52 week high of $25.03. The firm has a 50-day moving average price of $18.60. The firm has a market capitalization of $625.04 million and a P/E ratio of 50.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03.

Elmet Group (NASDAQ:ELMT - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. The business's revenue for the quarter was up 35.2% compared to the same quarter last year. Analysts expect that Elmet Group will post 0.72 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bangor Savings Bank acquired a new position in shares of Elmet Group in the 3rd quarter valued at about $48,741,000. State Street Corp acquired a new stake in Elmet Group in the second quarter worth $2,640,000. Squarepoint Ops LLC bought a new position in shares of Elmet Group during the second quarter worth about $2,560,000. Wellington Management Group LLP acquired a new position in Elmet Group during the 2nd quarter valued at about $10,537,000. Finally, AWM Investment Company Inc. bought a new position in Elmet Group in the 2nd quarter worth about $6,807,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.