Elmet Group (NASDAQ:ELMT) Stock Jumps 5.3% – Time to Buy?

Elmet Group Co. (NASDAQ:ELMT) shares traded up 5.3% during mid-day trading on Tuesday. The company traded as high as $19.67 and last traded at $19.6270. Approximately 84,953 shares traded hands during trading, a decline of 88% from the average session volume of 701,924 shares. The stock had previously closed at $18.64.

Analyst Ratings Changes

A number of research analysts have issued reports on ELMT shares. Canaccord Genuity Group boosted their target price on Elmet Group from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Roth Capital reissued a “buy” rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Needham & Company LLC raised their target price on shares of Elmet Group from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Finally, Weiss Ratings assumed coverage on shares of Elmet Group in a research note on Monday, July 20th. They issued a “sell (e)” rating on the stock. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Elmet Group Price Performance

The company has a market capitalization of $597.02 million and a price-to-earnings ratio of 47.72. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $17.28.

Elmet Group (NASDAQ:ELMT) last issued its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. The business’s quarterly revenue was up 35.2% compared to the same quarter last year. As a group, equities analysts anticipate that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Elmet Group

Several large investors have recently modified their holdings of the stock. State Street Corp acquired a new position in Elmet Group in the 2nd quarter valued at about $2,640,000. Squarepoint Ops LLC bought a new position in Elmet Group during the 2nd quarter worth $2,560,000. Wellington Management Group LLP acquired a new position in Elmet Group in the second quarter valued at about $10,537,000. Finally, AWM Investment Company Inc. acquired a new position in shares of Elmet Group in the 2nd quarter valued at approximately $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.