Elmet Group (NASDAQ:ELMT) Trading Down 7.1% – Time to Sell?

Elmet Group Co. (NASDAQ:ELMT)’s stock price fell 7.1% on Monday . The stock traded as low as $18.29 and last traded at $18.4840. 91,465 shares changed hands during trading, a decline of 84% from the average session volume of 588,230 shares. The stock had previously closed at $19.89.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Needham & Company LLC began coverage on shares of Elmet Group in a report on Monday, May 18th. They set a “buy” rating and a $21.00 price target on the stock. Zacks Research raised shares of Elmet Group to a “hold” rating in a report on Tuesday, May 19th. Roth Capital started coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. Canaccord Genuity Group increased their target price on shares of Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Finally, Weiss Ratings initiated coverage on Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating on the stock. Four equities research 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, the company currently has an average rating of “Moderate Buy” and an average target price of $20.75.

Elmet Group Stock Performance

The firm has a market capitalization of $540.66 million and a P/E ratio of 43.29. The business has a 50 day simple moving average of $16.66. 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 issued its earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. The firm’s revenue was up 35.2% compared to the same quarter last year. As a group, sell-side analysts expect that Elmet Group Co. will post 0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Elmet Group

A number of large investors have recently made changes to their positions in ELMT. Wellington Management Group LLP acquired a new stake in shares of Elmet Group in the second quarter valued at approximately $10,537,000. AWM Investment Company Inc. acquired a new position in Elmet Group during the second quarter worth $6,807,000. Finally, California State Teachers Retirement System purchased a new stake in Elmet Group in the 2nd quarter valued at $53,000.

About Elmet Group

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.