Elmet Group (NASDAQ:ELMT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Elmet Group (NASDAQ:ELMT) had its target price upped by investment analysts at Needham & Company LLC from $25.00 to $28.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 29.51% from the stock’s current price.

A number of other brokerages have also issued reports on ELMT. Canaccord Genuity Group boosted their target price on Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Capital restated a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Finally, Weiss Ratings upgraded shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Elmet Group Price Performance

Shares of ELMT opened at $21.62 on Thursday. The stock has a 50 day simple moving average of $18.19. The firm has a market cap of $658.55 million and a PE ratio of 52.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. Elmet Group has a 12-month low of $12.48 and a 12-month high of $25.03.

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

Institutional Trading of Elmet Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bangor Savings Bank acquired a new stake in Elmet Group during the 3rd quarter worth $48,741,000. State Street Corp bought a new stake in Elmet Group in the second quarter valued at approximately $2,640,000. Squarepoint Ops LLC acquired a new position in shares of Elmet Group in the second quarter valued at $2,560,000. Wellington Management Group LLP bought a new stake in Elmet Group in the 2nd quarter valued at $10,537,000. Finally, AWM Investment Company Inc. bought a new stake in Elmet Group in the 2nd quarter valued at about $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.