Welsbach Technology Metals Acquisition (NASDAQ:EMAT) Shares Down 10.2% – Time to Sell?

Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT)’s share price dropped 10.2% during trading on Wednesday. The company traded as low as $3.33 and last traded at $3.34. Approximately 881,516 shares traded hands during mid-day trading, The stock had previously closed at $3.72.

Wall Street Analyst Weigh In

EMAT has been the subject of several recent research reports. Weiss Ratings lowered shares of Welsbach Technology Metals Acquisition from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 7th. Litchfield Hills Research started coverage on shares of Welsbach Technology Metals Acquisition in a report on Tuesday, June 30th. They issued a “buy” rating and a $12.00 price target for the company. Zacks Research raised shares of Welsbach Technology Metals Acquisition to a “hold” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen raised shares of Welsbach Technology Metals Acquisition from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Welsbach Technology Metals Acquisition Stock Performance

The firm has a market cap of $7.97 million and a P/E ratio of -80.00. The firm has a fifty day moving average of $3.57 and a 200-day moving average of $6.11.

Welsbach Technology Metals Acquisition (NASDAQ:EMAT) last issued its earnings results on Monday, August 17th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01. The company had revenue of $1.64 million during the quarter, compared to analyst estimates of $2.10 million. Equities research analysts expect that Welsbach Technology Metals Acquisition Corp. will post -0.77 earnings per share for the current year.

Welsbach Technology Metals Acquisition Company Profile

Welsbach Technology Metals Acquisition Corp. is a special purpose acquisition company (SPAC) organized to pursue a business combination with an operating company. Unlike a traditional industrial or mining company, it was established to raise capital through a public offering and use those funds, together with other financing, to acquire or merge with a target business.

The company’s stated focus is the technology metals sector, which includes businesses involved in critical and strategic minerals, metals exploration and production, processing, recycling, and related technologies.