Elmet Group (NASDAQ:ELMT) Shares Up 8.7% – Here’s Why

Elmet Group Co. (NASDAQ:ELMT) rose 8.7% during trading on Wednesday. The company traded as high as $20.21 and last traded at $20.69. 129,427 shares were traded during trading, a decline of 81% from the average session volume of 681,739 shares. The stock had previously closed at $19.04.

Wall Street Analyst Weigh In

Several brokerages recently commented on ELMT. Canaccord Genuity Group lifted their target price on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Needham & Company LLC lifted their price target on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. Weiss Ratings raised shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Finally, Roth Capital reiterated 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. Four investment 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.com, Elmet Group presently has an average rating of “Moderate Buy” and an average target price of $25.00.

Elmet Group Stock Down 1.5%

The company has a 50 day moving average of $19.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03.

Elmet Group (NASDAQ:ELMT) last posted its earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates 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, research analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ELMT. Bangor Savings Bank bought a new stake in shares of Elmet Group during the 3rd quarter valued at about $48,741,000. Wellington Management Group LLP purchased a new stake in shares of Elmet Group during the 2nd quarter valued at about $10,537,000. AWM Investment Company Inc. bought a new position in shares of Elmet Group in the 2nd quarter worth approximately $6,807,000. State Street Corp bought a new position in shares of Elmet Group in the 2nd quarter worth approximately $2,640,000. Finally, Skylands Capital LLC boosted its holdings in shares of Elmet Group by 22.9% in the third quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock worth $2,655,000 after buying an additional 24,819 shares during the last quarter.

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.