Elmet Group (NASDAQ:ELMT) Price Target Raised to $28.00

Elmet Group (NASDAQ:ELMT) had its price objective upped by research analysts at Needham & Company LLC from $25.00 to $28.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 29.51% from the company’s previous close.

Several other research firms also recently issued reports on ELMT. Roth Capital reaffirmed a “buy” rating and set a $26.00 price objective (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. 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. Finally, Canaccord Genuity Group upped their price objective on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday. Four investment 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Elmet Group Stock Performance

ELMT opened at $21.62 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 3.03. The company has a market capitalization of $658.55 million and a PE ratio of 52.73. The company’s 50 day simple moving average is $18.19. Elmet Group has a one year low of $12.48 and a one year high of $25.03.

Elmet Group (NASDAQ:ELMT) last issued its quarterly earnings data 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 company had revenue of $66.40 million for the quarter. The business’s quarterly revenue was up 35.2% on a year-over-year basis. As a group, analysts predict that Elmet Group will post 0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elmet Group

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

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.