Elmet Group (NASDAQ:ELMT) Shares Down 5.5% – Here’s Why

Elmet Group Co. (NASDAQ:ELMT) dropped 5.5% during trading on Monday. The company traded as low as $20.70 and last traded at $20.91. Approximately 174,693 shares changed hands during trading, a decline of 75% from the average session volume of 703,213 shares. The stock had previously closed at $22.13.

Analyst Ratings Changes

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

Elmet Group Price Performance

The company has a 50-day simple moving average of $18.02. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. The stock has a market capitalization of $705.45 million and a price-to-earnings ratio of 56.49.

Elmet Group (NASDAQ:ELMT) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The firm had revenue of $66.40 million for the quarter. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. As a group, sell-side analysts expect that Elmet Group Co. will post 0.72 earnings per share for the current year.

Hedge Funds Weigh In On Elmet Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bangor Savings Bank purchased a new stake in shares of Elmet Group during the third quarter worth about $48,741,000. Wellington Management Group LLP purchased a new position in Elmet Group in the second quarter valued at about $10,537,000. AWM Investment Company Inc. purchased a new position in Elmet Group in the second quarter valued at about $6,807,000. State Street Corp acquired a new stake in Elmet Group during the 2nd quarter valued at approximately $2,640,000. Finally, Squarepoint Ops LLC acquired a new stake in Elmet Group during the 2nd quarter valued at approximately $2,560,000.

About Elmet Group

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.