Elmet Group Co.’s Lock-Up Period Set To Expire on October 20th (NASDAQ:ELMT)

Elmet Group’s (NASDAQ:ELMT) lock-up period will expire on Tuesday, October 20th. Elmet Group had issued 8,571,428 shares in its public offering on April 23rd. The total size of the offering was $119,999,992 based on an initial share price of $14.00. After the expiration of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Ratings Changes

A number of brokerages have issued reports on ELMT. Roth Capital reaffirmed a “buy” rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a research note on Tuesday, September 15th. Needham & Company LLC boosted their price target on shares of Elmet Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. Weiss Ratings raised shares of Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Finally, Canaccord Genuity Group lifted their price objective on shares of Elmet Group from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Elmet Group has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Elmet Group Price Performance

NASDAQ ELMT opened at $18.93 on Friday. Elmet Group has a twelve month low of $12.48 and a twelve month high of $25.03. 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 company has a 50-day simple moving average of $18.88.

Elmet Group (NASDAQ:ELMT) last announced 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 company had revenue of $66.40 million during the quarter. The company’s revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts forecast that Elmet Group will post 0.72 EPS 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 ELMT. State of Alaska Department of Revenue bought a new position in Elmet Group during the third quarter worth about $34,000. Bangor Savings Bank acquired a new stake in Elmet Group during the third quarter worth approximately $48,741,000. State Street Corp acquired a new stake in Elmet Group during the second quarter worth about $2,640,000. Squarepoint Ops LLC acquired a new position in Elmet Group during the second quarter valued at approximately $2,560,000. Finally, Wellington Management Group LLP bought a new position in shares of Elmet Group in the 2nd quarter valued at $10,537,000.

Elmet Group Company Profile

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.