Elmet Group Co. (NASDAQ:ELMT) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Elmet Group Co. (NASDAQ:ELMT) have been given a consensus recommendation of “Moderate Buy” by the six brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $23.00.

A number of research firms recently weighed in on ELMT. Canaccord Genuity Group increased their price objective on Elmet Group from $20.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 17th. Weiss Ratings assumed coverage on Elmet Group in a report on Monday, July 20th. They set a “sell (e)” rating on the stock. Needham & Company LLC upped their price target on Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Finally, Roth Capital reissued a “buy” rating and issued a $26.00 price target (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th.

Institutional Trading of Elmet Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in Elmet Group during the 2nd quarter worth approximately $10,537,000. AWM Investment Company Inc. bought a new stake in shares of Elmet Group in the 2nd quarter valued at $6,807,000. State Street Corp acquired a new stake in shares of Elmet Group during the second quarter worth $2,640,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Elmet Group during the second quarter worth $2,560,000.

Elmet Group Price Performance

ELMT opened at $19.64 on Wednesday. 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 has a fifty-two week low of $12.48 and a fifty-two week high of $25.03. The stock’s 50 day simple moving average is $17.20. The company has a market cap of $598.23 million and a price-to-earnings ratio of 47.90.

Elmet Group (NASDAQ:ELMT) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. As a group, equities research analysts predict that Elmet Group will post 0.72 EPS 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 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.