Elmet Group (NASDAQ:ELMT) Shares Gap Up After Strong Earnings

Elmet Group Co. (NASDAQ:ELMT)’s share price gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $15.28, but opened at $19.05. Elmet Group shares last traded at $19.9050, with a volume of 1,331,753 shares changing hands.

The company reported $0.23 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.41. The company had revenue of $56.01 million for the quarter, compared to analysts’ expectations of $52.77 million.

Analyst Ratings Changes

Several research analysts have weighed in on ELMT shares. Zacks Research raised Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen raised Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Canaccord Genuity Group assumed coverage on Elmet Group in a report on Monday, May 18th. They issued a “buy” rating and a $20.00 price objective on the stock. Needham & Company LLC initiated coverage on shares of Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Roth Mkm began coverage on shares of Elmet Group in a research note on Monday, May 18th. They issued a “buy” rating and a $21.00 target price for the company. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Elmet Group presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Insider Transactions at Elmet Group

In related news, Director Kathie Merrill Leonard acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were acquired at an average cost of $14.00 per share, with a total value of $70,000.00. Following the purchase, the director owned 5,000 shares of the company’s stock, valued at approximately $70,000. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimberly Monzeglio Anania bought 7,000 shares of Elmet Group stock in a transaction that occurred on Wednesday, April 22nd. The stock was bought at an average price of $14.00 per share, with a total value of $98,000.00. Following the completion of the acquisition, the director owned 7,000 shares in the company, valued at approximately $98,000. The trade was a ? increase in their position. The disclosure for this purchase is available in the SEC filing.

Elmet Group Trading Up 34.8%

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.