Short Interest in Elmet Group Co. (NASDAQ:ELMT) Drops By 52.4%

Elmet Group Co. (NASDAQ:ELMT) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totaling 964,515 shares, a decline of 52.4% from the June 30th total of 2,027,225 shares. Based on an average daily volume of 503,222 shares, the days-to-cover ratio is presently 1.9 days. Currently, 3.2% of the company’s shares are sold short.

Elmet Group Price Performance

ELMT stock traded down $0.38 during midday trading on Tuesday, reaching $14.33. 186,438 shares of the company’s stock traded hands, compared to its average volume of 650,091. The company has a market cap of $429.73 million and a P/E ratio of 62.18. Elmet Group has a fifty-two week low of $13.38 and a fifty-two week high of $22.51. The stock’s 50-day simple moving average is $17.04.

Elmet Group (NASDAQ:ELMT) last released its quarterly earnings data on Friday, May 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.41. The business had revenue of $56.01 million during the quarter, compared to analyst estimates of $52.77 million.

Analyst Ratings Changes

ELMT has been the topic of a number of recent analyst reports. Canaccord Genuity Group assumed coverage on shares of Elmet Group in a research note on Monday, May 18th. They set a “buy” rating and a $20.00 price target on the stock. Wall Street Zen upgraded Elmet Group to a “hold” rating in a report on Saturday, May 2nd. Roth Capital began coverage on Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 target price on the stock. Zacks Research upgraded Elmet Group to a “hold” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings started coverage on Elmet Group in a research report on Monday, July 20th. They set a “sell (e)” rating for the company. Four research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

About Elmet Group

Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium (such materials, the “Critical Materials”) and high-level radio frequency (“RF”) engineering, including plasma generation, radar, and other high-energy systems (together, “High-Power Microwave”). Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.