Elmet Group (NASDAQ:ELMT) Stock Price Down 7.7% - Should You Sell?

Key Points

• Elmet Group shares fell 7.7% to about $20.29, with trading volume down 85% from the average session.
• Analyst sentiment remains generally positive: four analysts rate the stock Buy, one Hold and one Sell, producing a consensus “Moderate Buy” rating and a $23 price target.
• 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, including Wellington Management, recently initiated positions.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report)'s stock price traded down 7.7% during trading on Friday . The company traded as low as $20.35 and last traded at $20.2850. Approximately 104,679 shares traded hands during trading, a decline of 85% from the average session volume of 700,108 shares. The stock had previously closed at $21.97.

Analyst Ratings Changes

Several research analysts recently issued reports on ELMT shares. Weiss Ratings started coverage on shares of Elmet Group in a research report on Monday, July 20th. They set a "sell (e)" rating on the stock. Needham & Company LLC increased their price objective on shares of Elmet Group from $21.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday. Canaccord Genuity Group increased their price target on shares of Elmet Group from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Finally, Roth Capital reiterated a "buy" rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Elmet Group Stock Down 1.3%

The company has a market capitalization of $660.20 million and a price-to-earnings ratio of 52.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The business has a 50-day moving average price of $16.46.

Elmet Group (NASDAQ:ELMT - Get Free Report) last issued its quarterly earnings data 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 during the quarter. The company's quarterly revenue was up 35.2% on a year-over-year basis. As a group, analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current year.

Institutional Trading of Elmet Group

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

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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