Short Interest in Elmet Group Co. (NASDAQ:ELMT) Decreases By 52.4%

Elmet Group Co. (NASDAQ:ELMT) was the target of a significant decline in short interest in July. As of July 15th, there was short interest totaling 964,515 shares, a decline of 52.4% from the June 30th total of 2,027,225 shares. Approximately 3.2% of the company’s stock are sold short. Based on an average daily volume of 503,222 shares, the days-to-cover ratio is currently 1.9 days.

Elmet Group Stock Performance

ELMT traded up $0.76 during trading on Thursday, reaching $13.50. 486,939 shares of the stock were exchanged, compared to its average volume of 652,088. The business’s 50 day moving average price is $17.03. Elmet Group has a twelve month low of $12.49 and a twelve month high of $22.51. The company has a market cap of $404.73 million and a PE ratio of 58.67.

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings results on Friday, May 29th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.41. The firm had revenue of $56.01 million during the quarter, compared to analyst estimates of $52.77 million.

Wall Street Analyst Weigh In

ELMT has been the subject of a number of analyst reports. Weiss Ratings started coverage on shares of Elmet Group in a research report on Monday, July 20th. They issued a “sell (e)” rating for the company. Wall Street Zen upgraded shares of Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Zacks Research upgraded Elmet Group to a “hold” rating in a report on Tuesday, May 19th. Canaccord Genuity Group initiated coverage on Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Cantor Fitzgerald started coverage on Elmet Group in a report on Monday, May 18th. They set an “overweight” rating and a $20.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Elmet Group Company Profile

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.