Elmet Group (NASDAQ:ELMT) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Elmet Group (NASDAQ:ELMT) issued its quarterly earnings results on Monday. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.20, FiscalAI reports. The firm had revenue of $79.56 million for the quarter. The firm’s revenue for the quarter was up 55.6% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS.

Elmet Group Price Performance

Elmet Group stock traded up $2.96 during trading hours on Wednesday, hitting $22.34. The stock had a trading volume of 425,136 shares, compared to its average volume of 671,548. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04. The company has a market cap of $680.63 million and a PE ratio of 54.55. Elmet Group has a 1-year low of $12.48 and a 1-year high of $25.46. The firm has a fifty day simple moving average of $20.11.

Institutional Investors Weigh In On Elmet Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Bangor Savings Bank acquired a new stake in Elmet Group in the 3rd quarter valued at about $48,741,000. Wellington Management Group LLP acquired a new position in Elmet Group during the second quarter worth about $10,537,000. AWM Investment Company Inc. purchased a new stake in shares of Elmet Group in the second quarter valued at about $6,807,000. Roubaix Capital LLC purchased a new stake in shares of Elmet Group in the third quarter valued at about $6,015,000. Finally, State Street Corp acquired a new stake in shares of Elmet Group in the second quarter valued at approximately $2,640,000.

Analyst Ratings Changes

ELMT has been the topic of several recent analyst reports. Roth Capital reiterated a “buy” rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Canaccord Genuity Group upped their price objective on Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Weiss Ratings upgraded Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Needham & Company LLC raised their target price on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Finally, Cantor Fitzgerald upped their price target on shares of Elmet Group from $20.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Elmet Group currently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

About Elmet Group

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.