Elmet Group (NASDAQ:ELMT) Stock Price Down 9% - Here's What Happened

Key Points

• Elmet Group shares fell 9% Tuesday, closing near $20.02 after trading as low as $19.80; volume was about 80% below its average.
• The company reported quarterly EPS of $0.35, beating the $0.15 consensus estimate, while revenue rose 55.6% year over year to $79.56 million.
• Analysts’ average rating is “Moderate Buy,” with an average price target of $27.50; recent targets range from $26 to $30.

Elmet Group Co. (NASDAQ:ELMT - Get Free Report)'s share price was down 9% on Tuesday. The company traded as low as $19.80 and last traded at $20.0160. 130,263 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 666,125 shares. The stock had previously closed at $21.99.

Analysts Set New Price Targets

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

Elmet Group Stock Down 10.3%

The company's fifty day moving average price is $20.05. The firm has a market capitalization of $600.95 million and a price-to-earnings ratio of 47.96. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04.

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

Institutional Investors Weigh In On Elmet Group

A number of hedge funds have recently modified their holdings of ELMT. State of Alaska Department of Revenue acquired a new position in Elmet Group during the third quarter worth about $34,000. Russell Investments Group Ltd. boosted its stake in shares of Elmet Group by 2,163.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company's stock valued at $360,000 after purchasing an additional 17,222 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Elmet Group in the 3rd quarter valued at approximately $701,000. Squarepoint Ops LLC acquired a new stake in shares of Elmet Group in the 2nd quarter valued at approximately $2,560,000. Finally, State Street Corp bought a new stake in shares of Elmet Group during the 2nd quarter valued at approximately $2,640,000.

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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