HC Wainwright Issues Pessimistic Forecast for Elemental Royalty (NASDAQ:ELE) Stock Price

Elemental Royalty (NASDAQ:ELE) had its target price lowered by stock analysts at HC Wainwright from $33.00 to $31.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 44.85% from the stock’s previous close.

Separately, Weiss Ratings raised shares of Elemental Royalty from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Elemental Royalty presently has an average rating of “Hold” and a consensus target price of $31.00.

Elemental Royalty Stock Down 1.5%

Shares of NASDAQ:ELE traded down $0.32 during midday trading on Tuesday, reaching $21.40. The company’s stock had a trading volume of 266,855 shares, compared to its average volume of 355,036. The firm has a 50 day moving average of $19.25 and a 200-day moving average of $18.48. The firm has a market capitalization of $1.38 billion and a P/E ratio of 267.88. Elemental Royalty has a 12-month low of $12.58 and a 12-month high of $26.96.

Elemental Royalty (NASDAQ:ELE) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). Elemental Royalty had a net margin of 4.01% and a return on equity of 0.53%. The business had revenue of $23.79 million for the quarter. On average, research analysts predict that Elemental Royalty will post 0.23 EPS for the current year.

Hedge Funds Weigh In On Elemental Royalty

Several large investors have recently modified their holdings of ELE. Amundi purchased a new stake in Elemental Royalty during the 1st quarter valued at about $12,813,000. Arbiter Partners Capital Management LLC lifted its stake in shares of Elemental Royalty by 522.6% in the first quarter. Arbiter Partners Capital Management LLC now owns 168,317 shares of the company’s stock worth $3,171,000 after buying an additional 141,284 shares in the last quarter. K2 Principal Fund L.P. bought a new position in shares of Elemental Royalty in the fourth quarter worth approximately $3,010,000. Louisbourg Investments Inc. purchased a new stake in shares of Elemental Royalty during the first quarter valued at approximately $2,205,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Elemental Royalty during the second quarter valued at approximately $1,456,000.

About Elemental Royalty

Elemental Royalty is a precious-metals royalty company that acquires and manages royalty, stream and other interests in mining projects. Rather than operating mines directly, the company provides capital or acquires existing interests in exchange for the right to receive a portion of future production or revenue, generally with limited exposure to the mine’s operating and capital costs.

The company’s portfolio is focused primarily on gold, with additional exposure to silver, copper and other metals through a range of producing, development-stage and exploration assets.