Elmet Group (NASDAQ:ELMT) Price Target Raised to $26.00

Elmet Group (NASDAQ:ELMT) had its target price increased by Canaccord Genuity Group from $21.00 to $26.00 in a report published on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

ELMT has been the subject of several other reports. Roth Capital reiterated a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, October 2nd. Finally, Needham & Company LLC upped their target price on shares of Elmet Group from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Elmet Group Trading Down 5.4%

ELMT stock opened at $20.46 on Tuesday. Elmet Group has a 1-year low of $12.48 and a 1-year high of $25.03. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The firm has a 50 day moving average of $18.33. The company has a market cap of $623.21 million and a price-to-earnings ratio of 49.90.

Elmet Group (NASDAQ:ELMT) last posted 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 company had revenue of $66.40 million for the quarter. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. Sell-side analysts forecast that Elmet Group will post 0.72 EPS for the current year.

Institutional Trading of Elmet Group

Several large investors have recently made changes to their positions in ELMT. Bangor Savings Bank bought a new position in shares of Elmet Group in the third quarter valued at about $48,741,000. State Street Corp bought a new position in shares of Elmet Group in the second quarter worth about $2,640,000. Squarepoint Ops LLC bought a new stake in shares of Elmet Group during the second quarter valued at approximately $2,560,000. Wellington Management Group LLP acquired a new stake in shares of Elmet Group in the second quarter valued at approximately $10,537,000. Finally, AWM Investment Company Inc. bought a new position in Elmet Group in the 2nd quarter worth approximately $6,807,000.

About Elmet Group

Elmet Group, Inc is a blank check company, also known as a special purpose acquisition company (SPAC). Its primary objective is to identify and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more operating businesses.

Because Elmet Group was formed to pursue a business combination, it does not currently operate as a traditional company with established products, services or revenue-generating business segments.