Elmet Group (NASDAQ:ELMT) Stock Price Up 7% After Strong Earnings

Elmet Group Co. (NASDAQ:ELMT) rose 7% on Friday following a better than expected earnings announcement. The company traded as high as $18.60 and last traded at $18.3580. 44,681 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 593,459 shares. The stock had previously closed at $17.15.

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 during the quarter. The business’s revenue for the quarter was up 35.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ELMT. Weiss Ratings assumed coverage on Elmet Group in a report on Monday, July 20th. They issued a “sell (e)” rating for the company. Zacks Research upgraded Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Canaccord Genuity Group assumed coverage on Elmet Group in a research note on Monday, May 18th. They set a “buy” rating and a $20.00 price objective for the company. Wall Street Zen raised Elmet Group to a “hold” rating in a report on Saturday, May 2nd. Finally, Cantor Fitzgerald initiated coverage on shares of Elmet Group in a research note on Monday, May 18th. They issued an “overweight” rating and a $20.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Elmet Group currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Elmet Group Stock Performance

The stock has a 50-day moving average of $16.77. The firm has a market cap of $545.94 million and a price-to-earnings ratio of 80.16. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.75 and a quick ratio of 0.66.

Elmet Group Company Profile

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.