Elmet Group (NASDAQ:ELMT) Stock Price Down 9% – Here’s What Happened

Elmet Group Co. (NASDAQ:ELMT)’s share price dropped 9% on Tuesday. The company traded as low as $19.80 and last traded at $20.0160. Approximately 130,263 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 666,125 shares. The stock had previously closed at $21.99.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ELMT. Canaccord Genuity Group increased their price target on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Needham & Company LLC boosted their price objective on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Roth Capital reiterated a “buy” rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Cantor Fitzgerald lifted their price target on Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Four investment 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.50.

Elmet Group Trading Down 10.3%

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. The business’s 50-day moving average price is $20.05. The stock has a market capitalization of $600.95 million and a price-to-earnings ratio of 47.96.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.20. The business had revenue of $79.56 million during the quarter. The company’s revenue for the quarter was up 55.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 earnings per share. As a group, research analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Bangor Savings Bank purchased a new stake in shares of Elmet Group during the third quarter valued at approximately $48,741,000. Wellington Management Group LLP purchased a new position in shares of Elmet Group in the second quarter worth $10,537,000. AWM Investment Company Inc. purchased a new position in shares of Elmet Group in the second quarter worth $6,807,000. Skylands Capital LLC increased its stake in shares of Elmet Group by 22.9% in the third quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock worth $2,655,000 after buying an additional 24,819 shares during the period. Finally, State Street Corp bought a new stake in Elmet Group during the 2nd quarter valued at $2,640,000.

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.