Elmet Group (NASDAQ:ELMT) Trading Down 8.5% – Here’s What Happened

Elmet Group Co. (NASDAQ:ELMT)’s stock price dropped 8.5% on Tuesday . The company traded as low as $19.15 and last traded at $18.8950. Approximately 61,451 shares were traded during trading, a decline of 92% from the average daily volume of 747,878 shares. The stock had previously closed at $20.64.

Wall Street Analyst Weigh In

ELMT has been the subject of a number of research reports. Cantor Fitzgerald initiated coverage on shares of Elmet Group in a research report on Monday, May 18th. They set an “overweight” rating and a $20.00 target price for the company. Canaccord Genuity Group initiated coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $20.00 price target on the stock. Roth Mkm initiated coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target on the stock. Zacks Research upgraded Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Finally, Needham & Company LLC initiated coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Elmet Group Stock Performance

Elmet Group (NASDAQ:ELMT) last issued its quarterly earnings results on Friday, May 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.41. The business had revenue of $56.01 million for the quarter, compared to the consensus estimate of $52.77 million.

Insider Activity at Elmet Group

In related news, Director Kimberly Monzeglio Anania bought 7,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was acquired at an average cost of $14.00 per share, for a total transaction of $98,000.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at $98,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kathie Merrill Leonard bought 5,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were bought at an average price of $14.00 per share, with a total value of $70,000.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, valued at $70,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

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.