Canaccord Genuity Group Forecasts Strong Price Appreciation for Elmet Group (NASDAQ:ELMT) Stock

Elmet Group (NASDAQ:ELMT) had its target price raised by investment analysts at Canaccord Genuity Group from $21.00 to $26.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 9.54% from the company’s previous close.

ELMT has been the topic of several other research reports. Needham & Company LLC lifted their price objective on Elmet Group from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Roth Capital restated a “buy” rating and issued a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Finally, Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.25.

Elmet Group Stock Performance

Shares of ELMT traded up $2.44 during trading hours on Tuesday, reaching $23.73. 870,084 shares of the company traded hands, compared to its average volume of 708,206. The company has a current ratio of 3.03, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $17.84. Elmet Group has a 1-year low of $12.48 and a 1-year high of $25.03. The firm has a market cap of $722.97 million and a PE ratio of 57.81.

Elmet Group (NASDAQ:ELMT) last released its earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. The business’s quarterly revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts predict that Elmet Group will post 0.72 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ELMT. Squarepoint Ops LLC bought a new position in shares of Elmet Group during the second quarter valued at $2,560,000. State Street Corp bought a new stake in shares of Elmet Group in the 2nd quarter worth about $2,640,000. AWM Investment Company Inc. acquired a new stake in shares of Elmet Group during the 2nd quarter worth about $6,807,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Elmet Group during the 2nd quarter worth about $10,537,000.

Elmet Group Company Profile

Elmet Group, Inc is a blank check company, also known as a special purpose acquisition company (SPAC). Its primary objective is to identify and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more operating businesses.

Because Elmet Group was formed to pursue a business combination, it does not currently operate as a traditional company with established products, services or revenue-generating business segments.