Elmet Group (NASDAQ:ELMT) Stock Price Down 7.7% – Here’s What Happened

Elmet Group Co. (NASDAQ:ELMT)’s share price was down 7.7% during mid-day trading on Friday . The company traded as low as $20.35 and last traded at $20.2850. Approximately 104,679 shares traded hands during trading, a decline of 85% from the average daily volume of 700,108 shares. The stock had previously closed at $21.97.

Analysts Set New Price Targets

A number of research firms have recently commented on ELMT. Roth Capital reissued a “buy” rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a research note on Tuesday. Weiss Ratings started coverage on shares of Elmet Group in a research note on Monday, July 20th. They set a “sell (e)” rating on the stock. Canaccord Genuity Group lifted their price objective on shares of Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Needham & Company LLC increased their target price on shares of Elmet Group from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Elmet Group Trading Down 1.3%

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 50 day moving average of $16.46. The stock has a market capitalization of $660.20 million and a price-to-earnings ratio of 52.87.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new position in shares of Elmet Group during the second quarter worth about $10,537,000. AWM Investment Company Inc. bought a new position in shares of Elmet Group during the 2nd quarter valued at about $6,807,000. Finally, Squarepoint Ops LLC bought a new position in shares of Elmet Group during the 2nd quarter valued at about $2,560,000.

About Elmet Group

Elmet Group, Inc is a special purpose acquisition company (SPAC) formed to pursue a business combination with one or more privately held businesses. Rather than operating a traditional commercial enterprise, the company’s primary objective is to identify a target and complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction.

Until a business combination is completed, Elmet Group does not have an established portfolio of products or services, and its activities are generally limited to evaluating potential acquisition candidates, conducting due diligence and managing the transaction process.