Elmet Group (NASDAQ:ELMT) Stock Falls 14.2% – Time to Sell?

Elmet Group Co. (NASDAQ:ELMT) dropped 14.2% during trading on Wednesday. The stock traded as low as $19.81 and last traded at $18.9270. 188,219 shares were traded during mid-day trading, a decline of 72% from the average session volume of 661,859 shares. The stock had previously closed at $22.06.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ELMT. Weiss Ratings raised shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, October 2nd. Roth Capital reaffirmed a “buy” rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Needham & Company LLC increased their price target on Elmet Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Canaccord Genuity Group raised their price objective on Elmet Group from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Finally, Cantor Fitzgerald boosted their price objective on Elmet Group from $20.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Four equities research 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, Elmet Group presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Elmet Group Stock Down 6.3%

The stock has a market cap of $629.61 million and a price-to-earnings ratio of 50.73. The company’s 50 day simple moving average is $19.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60.

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

Hedge Funds Weigh In On Elmet Group

Several institutional investors and hedge funds have recently made changes to their positions in ELMT. Bangor Savings Bank acquired a new stake in shares of Elmet Group during the third quarter worth approximately $48,741,000. Wellington Management Group LLP acquired a new stake in Elmet Group in the second quarter valued at $10,537,000. AWM Investment Company Inc. acquired a new stake in Elmet Group in the second quarter valued at $6,807,000. Skylands Capital LLC boosted its stake in Elmet Group by 22.9% during the 3rd quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock valued at $2,655,000 after acquiring an additional 24,819 shares during the last quarter. Finally, State Street Corp acquired a new position in Elmet Group during the 2nd quarter worth $2,640,000.

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.