Elmet Group (NASDAQ:ELMT) Trading 7% Higher Following Earnings Beat

Elmet Group Co. (NASDAQ:ELMT) traded up 7% on Friday following a better than expected earnings announcement. The stock traded as high as $18.60 and last traded at $18.3580. Approximately 44,681 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 593,459 shares. The stock had previously closed at $17.15.

The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.38. The business had revenue of $66.40 million during the quarter. Elmet Group’s revenue was up 35.2% compared to the same quarter last year.

Analyst Ratings Changes

A number of equities analysts have weighed in on ELMT shares. Wall Street Zen raised shares of Elmet Group to a “hold” rating in a research note on Saturday, May 2nd. Cantor Fitzgerald started coverage on shares of Elmet Group in a report on Monday, May 18th. They issued an “overweight” rating and a $20.00 price target for the company. Zacks Research raised shares of Elmet Group to a “hold” rating in a report on Tuesday, May 19th. Roth Capital assumed coverage on shares of Elmet Group in a research report on Monday, May 18th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Needham & Company LLC began coverage on Elmet Group in a report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Elmet Group Stock Performance

The firm’s 50-day moving average is $16.77. The stock has a market cap of $545.94 million and a price-to-earnings ratio of 80.16. The company has a quick ratio of 0.66, a current ratio of 1.75 and a debt-to-equity ratio of 0.68.

Elmet Group Company Profile

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.