Elmet Group (NASDAQ:ELMT) Stock Price Down 5.5% - Time to Sell?

Key Points

• Elmet Group shares fell 5.5% to about $20.91 in midday trading, with volume roughly 75% below the average session level.
• Analysts remain broadly positive, with four Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus and a $23 average price target.
• The company exceeded quarterly EPS expectations and reported 35.2% year-over-year revenue growth, but it is a SPAC without established operating businesses or recurring revenue segments.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report) shares traded down 5.5% during mid-day trading on Monday. The company traded as low as $20.70 and last traded at $20.91. Approximately 174,693 shares were traded during mid-day trading, a decline of 75% from the average session volume of 703,213 shares. The stock had previously closed at $22.13.

Analysts Set New Price Targets

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

Elmet Group Stock Down 4.5%

The business has a 50-day moving average of $17.71. The firm has a market cap of $643.47 million and a PE ratio of 51.56. 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 issued 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 company had revenue of $66.40 million during the quarter. The business's revenue was up 35.2% compared to the same quarter last year. As a group, analysts expect that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP acquired a new stake in shares of Elmet Group during the second quarter valued at approximately $10,537,000. AWM Investment Company Inc. acquired a new stake in Elmet Group during the 2nd quarter valued at $6,807,000. State Street Corp purchased a new stake in shares of Elmet Group in the second quarter valued at $2,640,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Elmet Group in the second 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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