Elmet Group (NASDAQ:ELMT) Stock Jumps 13.3% - Time to Buy?

Key Points

• Elmet Group shares jumped 13.3% to $24.13, although trading volume was 88% below the average session volume.
• Analyst sentiment is generally positive: four analysts rate the stock a Buy, with an average price target of $23.00; Needham and Roth Capital recently raised their targets to $25 and $26, respectively.
• The company exceeded quarterly EPS expectations by $0.38 and reported 35.2% year-over-year revenue growth to $66.4 million, while several institutional investors established new positions.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) shares traded up 13.3% during trading on Tuesday. The company traded as high as $23.62 and last traded at $24.13. Approximately 82,512 shares traded hands during trading, a decline of 88% from the average session volume of 701,004 shares. The stock had previously closed at $21.29.

Analyst Ratings Changes

Several brokerages have recently weighed in on ELMT. Needham & Company LLC upped their target price on Elmet Group from $21.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, September 15th. Roth Capital reissued a "buy" rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Canaccord Genuity Group upped their price target on Elmet Group from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Finally, Weiss Ratings raised shares of Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.00.

Elmet Group Trading Up 10.1%

The business's 50-day moving average price is $17.84. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $714.13 million and a P/E ratio of 57.43.

Elmet Group (NASDAQ:ELMT - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The business's revenue for the quarter was up 35.2% compared to the same quarter last year. On average, analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Hedge Funds Weigh In On Elmet Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP bought a new stake in shares of Elmet Group in the second quarter worth $10,537,000. AWM Investment Company Inc. bought a new position in Elmet Group during the 2nd quarter valued at $6,807,000. State Street Corp acquired a new position in Elmet Group during the 2nd quarter worth $2,640,000. Finally, Squarepoint Ops LLC acquired a new position in Elmet Group during the 2nd quarter worth $2,560,000.

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.

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