Elmet Group (NASDAQ:ELMT) Stock Jumps 11.2% on Analyst Upgrade

Elmet Group Co. (NASDAQ:ELMT) traded up 11.2% during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $26.00 to $28.00. Canaccord Genuity Group currently has a buy rating on the stock. Elmet Group traded as high as $21.62 and last traded at $21.5410. 86,908 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 669,364 shares. The stock had previously closed at $19.38.

ELMT has been the topic of several other reports. Roth Capital reaffirmed a “buy” rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, October 2nd. Cantor Fitzgerald boosted their price target on shares of Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Finally, Needham & Company LLC boosted their price target on shares of Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Four 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. Based on data from MarketBeat.com, Elmet Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Hedge Funds Weigh In On Elmet Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp bought a new stake in shares of Elmet Group during the second quarter valued at about $2,640,000. Bangor Savings Bank bought a new position in Elmet Group in the 3rd quarter valued at about $48,741,000. Wellington Management Group LLP bought a new position in Elmet Group in the 2nd quarter valued at about $10,537,000. Squarepoint Ops LLC bought a new position in Elmet Group in the 2nd quarter valued at about $2,560,000. Finally, AWM Investment Company Inc. acquired a new position in Elmet Group during the 2nd quarter valued at about $6,807,000.

Elmet Group Stock Performance

The company has a current ratio of 5.91, a quick ratio of 1.60 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average price is $20.30.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings data on Monday, November 9th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.20. The company had revenue of $79.56 million for the quarter. Elmet Group’s revenue for the quarter was up 55.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.08 EPS. Equities research analysts forecast that Elmet Group Co. will post 0.72 earnings per share for the current year.

Elmet Group Company Profile

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.