Elmet Group (NASDAQ:ELMT) Trading 9.6% Higher – Still a Buy?

Elmet Group Co. (NASDAQ:ELMT) shares rose 9.6% on Thursday . The company traded as high as $21.88 and last traded at $21.7530. 365,016 shares were traded during trading, a decline of 48% from the average daily volume of 696,171 shares. The stock had previously closed at $19.84.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ELMT shares. Roth Capital restated 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. Needham & Company LLC lifted their price target on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday. Weiss Ratings began coverage on Elmet Group in a report on Monday, July 20th. They issued a “sell (e)” rating for the company. Finally, Canaccord Genuity Group raised their price objective on Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Elmet Group Stock Up 15.3%

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. The business has a 50 day moving average price of $16.34. The firm has a market capitalization of $697.05 million and a P/E ratio of 55.81.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. Elmet Group’s revenue for the quarter was up 35.2% on a year-over-year basis. On average, sell-side analysts predict that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Institutional Trading of Elmet Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new position in shares of Elmet Group in the 2nd quarter valued at $2,560,000. Wellington Management Group LLP purchased a new stake in shares of Elmet Group during the 2nd quarter worth $10,537,000. Finally, AWM Investment Company Inc. bought a new stake in Elmet Group during the second quarter valued at about $6,807,000.

About Elmet Group

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.