Elmet Group (NASDAQ:ELMT) Stock Price Up 9.6% – Here’s What Happened

Shares of Elmet Group Co. (NASDAQ:ELMT) rose 9.6% on Thursday . The company traded as high as $21.88 and last traded at $21.7530. 365,016 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 696,171 shares. The stock had previously closed at $19.84.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELMT shares. Needham & Company LLC upped their price target on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday. Roth Capital restated 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. Weiss Ratings assumed coverage on shares of Elmet Group in a report on Monday, July 20th. They issued a “sell (e)” rating for the company. Finally, Canaccord Genuity Group lifted their price target on Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Four research 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. According to MarketBeat.com, Elmet Group currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Elmet Group Stock Performance

The company has a market cap of $697.05 million and a P/E ratio of 55.81. The stock’s fifty day simple moving average is $16.34. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03.

Elmet Group (NASDAQ:ELMT) last announced its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The company’s quarterly revenue was up 35.2% on a year-over-year basis. On average, equities analysts forecast that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ELMT. Wellington Management Group LLP purchased a new stake in shares of Elmet Group in the second quarter worth approximately $10,537,000. AWM Investment Company Inc. purchased a new stake in Elmet Group in the second quarter worth $6,807,000. Finally, Squarepoint Ops LLC purchased a new stake in Elmet Group in the second quarter worth $2,560,000.

Elmet Group Company Profile

Elmet Group, Inc is a special purpose acquisition company (SPAC) formed to pursue a business combination with one or more privately held businesses. Rather than operating a traditional commercial enterprise, the company’s primary objective is to identify a target and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction.

Until a business combination is completed, Elmet Group does not have an established portfolio of products or services, and its activities are generally limited to evaluating potential acquisition candidates, conducting due diligence and managing the transaction process.