Short Interest in Elmet Group Co. (NASDAQ:ELMT) Drops By 52.4%

Elmet Group Co. (NASDAQ:ELMT) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 964,515 shares, a decrease of 52.4% from the June 30th total of 2,027,225 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily volume of 503,222 shares, the days-to-cover ratio is currently 1.9 days.

Elmet Group Price Performance

NASDAQ ELMT traded down $0.38 during mid-day trading on Tuesday, reaching $14.33. 186,438 shares of the stock were exchanged, compared to its average volume of 650,091. The firm has a market capitalization of $429.73 million and a PE ratio of 62.18. Elmet Group has a 1-year low of $13.38 and a 1-year high of $22.51. The firm’s fifty day simple moving average is $17.04.

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

Wall Street Analysts Forecast Growth

ELMT has been the subject of several research reports. Zacks Research upgraded Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Roth Capital began coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target for the company. Needham & Company LLC initiated coverage on Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective on the stock. Wall Street Zen raised Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Finally, Cantor Fitzgerald assumed coverage on shares of Elmet Group in a research note on Monday, May 18th. They issued an “overweight” rating and a $20.00 target price for the company. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

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.