Elmet Group (NASDAQ:ELMT) Stock Price Up 13.3% – Time to Buy?

Elmet Group Co. (NASDAQ:ELMT) shares shot up 13.3% during mid-day trading on Tuesday. The stock traded as high as $23.62 and last traded at $24.13. 82,512 shares changed hands during trading, a decline of 88% from the average session volume of 701,004 shares. The stock had previously closed at $21.29.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ELMT. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday. Needham & Company LLC raised their price target 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 set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a research report on Tuesday, September 15th. Finally, Canaccord Genuity Group upped their price objective on Elmet Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Four investment 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Elmet Group Trading Up 10.1%

The stock has a market cap of $714.13 million and a PE ratio of 57.43. The stock’s 50-day moving average price is $17.84. 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 (NASDAQ:ELMT) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.20) by $0.38. The firm had revenue of $66.40 million during the quarter. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. Sell-side analysts expect that Elmet Group Co. will post 0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.