Elmet Group (NASDAQ:ELMT) Stock Price Breaks Above 50-Day Moving Average - Time to Sell?

Key Points

• Elmet Group shares crossed above their 50-day moving average of $20.05, reaching $22.40 intraday and last trading at $21.99.
• Analysts have a Moderate Buy consensus and a $27.50 average price target; recent target increases ranged as high as $30.
• Quarterly EPS was $0.35, beating the $0.15 estimate, while revenue rose 55.6% year over year to $79.56 million.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) shares crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $20.05 and traded as high as $22.40. Elmet Group shares last traded at $21.99, with a volume of 478,496 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group boosted their price target on shares of Elmet Group from $21.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. Weiss Ratings raised Elmet Group from a "sell (e)" rating to a "sell (e+)" rating in a research note on Friday, October 2nd. Needham & Company LLC lifted their price target on shares of Elmet Group from $25.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday, October 8th. Cantor Fitzgerald increased their target price on shares of Elmet Group from $20.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. Finally, Roth Capital reiterated a "buy" rating and issued a $26.00 price target (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

Elmet Group Stock Performance

The firm's 50 day moving average price is $20.05. The company has a market cap of $669.82 million and a price-to-earnings ratio of 53.63. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Elmet Group (NASDAQ:ELMT - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $79.56 million during the quarter. During the same period in the previous year, the business posted $0.08 earnings per share. The firm's revenue for the quarter was up 55.6% on a year-over-year basis. Equities research analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current year.

Institutional Investors Weigh In On Elmet Group

Institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue acquired a new stake in Elmet Group in the 3rd quarter valued at $34,000. Russell Investments Group Ltd. raised its position in shares of Elmet Group by 2,163.6% in the third quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company's stock valued at $360,000 after buying an additional 17,222 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Elmet Group in the second quarter valued at about $2,560,000. State Street Corp purchased a new position in shares of Elmet Group in the second quarter worth about $2,640,000. Finally, Skylands Capital LLC lifted its stake in shares of Elmet Group by 22.9% in 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.

About Elmet Group

Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.

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