Elmet Group Co. (NASDAQ:ELMT) Stock Has Consensus Price Target of $23.00

Elmet Group Co. (NASDAQ:ELMT) has been assigned an average recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $23.00.

A number of research firms recently commented on ELMT. Weiss Ratings began coverage on shares of Elmet Group in a research note on Monday, July 20th. They issued a “sell (e)” rating for the company. 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. Canaccord Genuity Group raised their target price on Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Needham & Company LLC upped their price target on Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th.

Hedge Funds Weigh In On Elmet Group

A number of large investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new stake in shares of Elmet Group in the second quarter worth approximately $10,537,000. AWM Investment Company Inc. purchased a new position in Elmet Group during the second quarter valued at approximately $6,807,000. State Street Corp purchased a new position in Elmet Group during the second quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC acquired a new position in Elmet Group in the 2nd quarter valued at approximately $2,560,000.

Elmet Group Trading Down 0.5%

NASDAQ ELMT opened at $19.64 on Wednesday. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. Elmet Group has a 1 year low of $12.48 and a 1 year high of $25.03. The firm has a market cap of $598.23 million and a P/E ratio of 47.90. The business’s 50-day moving average is $17.20.

Elmet Group (NASDAQ:ELMT) last announced its earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The firm’s revenue was up 35.2% compared to the same quarter last year. Research analysts forecast that Elmet Group will post 0.72 EPS for the current fiscal year.

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.