Elmet Group (NASDAQ:ELMT) Shares Up 11.2% - What's Next?

Key Points

• Elmet Group shares rose 11.2% to about $21.54, though trading volume was 87% below its average.
• Analysts’ average rating is “Moderate Buy” with a $27.50 average price target; recent target increases ranged up to $30.
• The company reported quarterly EPS of $0.35, beating the $0.15 consensus, while revenue reached $79.56 million, up 55.6% year over year.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) shares traded up 11.2% during trading on Wednesday. The stock traded as high as $21.62 and last traded at $21.5410. 86,908 shares were traded during trading, a decline of 87% from the average daily volume of 669,364 shares. The stock had previously closed at $19.38.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on Elmet Group from $20.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, October 23rd. Needham & Company LLC boosted their price target on Elmet Group from $25.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday, October 8th. Weiss Ratings raised Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research note on Friday, October 2nd. Roth Capital reaffirmed a "buy" rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Canaccord Genuity Group increased their price objective on shares of Elmet Group from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, October 6th. Four research 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's stock. Based on data from MarketBeat, Elmet Group presently has an average rating of "Moderate Buy" and an average price target of $27.50.

Elmet Group Price Performance

The firm has a 50 day simple moving average of $20.11. 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 firm has a market cap of $679.26 million and a PE ratio of 54.38.

Elmet Group (NASDAQ:ELMT - Get Free Report) last announced its earnings results on Monday, November 9th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.20. The business had revenue of $79.56 million for the quarter. The company's revenue for the quarter was up 55.6% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS. As a group, equities analysts predict that Elmet Group Co. will post 0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elmet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Roubaix Capital LLC purchased a new stake in Elmet Group during the 3rd quarter valued at about $6,015,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Elmet Group in the third quarter worth about $701,000. Russell Investments Group Ltd. lifted its holdings in shares of Elmet Group by 2,163.6% during the third quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company's stock worth $360,000 after purchasing an additional 17,222 shares during the period. Skylands Capital LLC grew its holdings in shares of Elmet Group by 22.9% during the third quarter. Skylands Capital LLC now owns 133,036 shares of the company's stock worth $2,655,000 after buying an additional 24,819 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of Elmet Group in the third quarter worth about $34,000.

Elmet Group Company Profile

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company's stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.

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