Elmet Group (NASDAQ:ELMT) Shares Down 8.5% – What’s Next?

Elmet Group Co. (NASDAQ:ELMT)’s share price dropped 8.5% during mid-day trading on Tuesday . The stock traded as low as $19.15 and last traded at $18.8950. Approximately 61,451 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 747,878 shares. The stock had previously closed at $20.64.

Analysts Set New Price Targets

ELMT has been the subject of several research reports. Needham & Company LLC initiated coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. Canaccord Genuity Group initiated coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $20.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued an “overweight” rating and a $20.00 price objective for the company. Wall Street Zen raised shares of Elmet Group to a “hold” rating in a research report on Saturday, May 2nd. Finally, Zacks Research raised shares of Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Elmet Group Trading Up 2.1%

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings results on Friday, May 29th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.41. The business had revenue of $56.01 million during the quarter, compared to analysts’ expectations of $52.77 million.

Insider Activity at Elmet Group

In other Elmet Group news, Director Kimberly Monzeglio Anania purchased 7,000 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was purchased at an average price of $14.00 per share, with a total value of $98,000.00. Following the transaction, the director owned 7,000 shares of the company’s stock, valued at approximately $98,000. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathie Merrill Leonard purchased 5,000 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was acquired at an average cost of $14.00 per share, with a total value of $70,000.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $70,000. This trade represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing.

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.