Elmet Group (NASDAQ:ELMT) Given New $28.00 Price Target at Canaccord Genuity Group

Elmet Group (NASDAQ:ELMT) had its target price increased by equities researchers at Canaccord Genuity Group from $26.00 to $28.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would suggest a potential upside of 30.67% from the stock’s previous close.

A number of other equities analysts also recently weighed in on ELMT. 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. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Needham & Company LLC lifted their price target on Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. 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 report on Friday, October 23rd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Elmet Group Price Performance

Shares of NASDAQ ELMT traded up $2.05 during trading on Wednesday, hitting $21.43. The stock had a trading volume of 659,832 shares, compared to its average volume of 673,393. The company’s fifty day moving average price is $20.11. The firm has a market capitalization of $652.70 million and a P/E ratio of 52.66. The company has a quick ratio of 1.60, a current ratio of 3.03 and a debt-to-equity ratio of 0.04. Elmet Group has a 12 month low of $12.48 and a 12 month high of $25.46.

Elmet Group (NASDAQ:ELMT) last released its quarterly earnings results on Monday, November 9th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.20. The firm had revenue of $79.56 million for the quarter. During the same quarter in the previous year, the business posted $0.08 EPS. The business’s revenue was up 55.6% compared to the same quarter last year. On average, equities analysts expect that Elmet Group will post 0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in shares of Elmet Group in the 3rd quarter worth approximately $34,000. Russell Investments Group Ltd. increased its position in Elmet Group by 2,163.6% in the third quarter. Russell Investments Group Ltd. now owns 18,018 shares of the company’s stock worth $360,000 after buying an additional 17,222 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in Elmet Group in the third quarter worth $701,000. Squarepoint Ops LLC bought a new stake in shares of Elmet Group in the second quarter valued at $2,560,000. Finally, Skylands Capital LLC raised its stake in shares of Elmet Group by 22.9% in the third quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock valued at $2,655,000 after buying an additional 24,819 shares during the period.

Elmet Group Company Profile

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.