Elmet Group (NASDAQ:ELMT) Sets New 1-Year High - What's Next?

Key Points

• Elmet Group shares surged to a new 52-week high, reaching $23.23 before last trading at $22.41, up sharply from the prior close of $16.19.
• Analyst sentiment is broadly positive, with four Buy ratings, one Hold and one Sell; the average price target is $20.75, below the latest trading price.
• The company reported quarterly EPS of $0.18, beating estimates by $0.38, while revenue rose 35.2% year over year to $66.4 million. Several institutional investors also established new positions, including Wellington Management’s approximately $10.5 million stake.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $23.23 and last traded at $22.4080, with a volume of 3465638 shares. The stock had previously closed at $16.19.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ELMT. Cantor Fitzgerald started coverage on shares of Elmet Group in a report on Monday, May 18th. They issued an "overweight" rating and a $20.00 target price on the stock. Canaccord Genuity Group raised their price objective on Elmet Group from $20.00 to $21.00 and gave the company a "buy" rating in a report on Monday, August 17th. Weiss Ratings began coverage on Elmet Group in a research report on Monday, July 20th. They issued a "sell (e)" rating for the company. Zacks Research upgraded shares of Elmet Group to a "hold" rating in a research report on Tuesday, May 19th. Finally, Needham & Company LLC assumed coverage on Elmet Group in a research report on Monday, May 18th. They set a "buy" rating and a $21.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $20.75.

Elmet Group Price Performance

The firm has a market capitalization of $642.98 million and a P/E ratio of 53.09. The firm's fifty day moving average is $16.11. 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 (NASDAQ:ELMT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The company's quarterly revenue was up 35.2% on a year-over-year basis. On average, research analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Investors Weigh In On Elmet Group

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System purchased a new position in Elmet Group in the 2nd quarter worth approximately $53,000. Squarepoint Ops LLC purchased a new stake in shares of Elmet Group during the second quarter valued at approximately $2,560,000. AWM Investment Company Inc. bought a new position in shares of Elmet Group in the second quarter worth approximately $6,807,000. Finally, Wellington Management Group LLP purchased a new position in shares of Elmet Group in the second quarter worth $10,537,000.

Elmet Group Company 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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