Elmet Group (NASDAQ:ELMT) Trading Down 8.5% – Here’s What Happened

Elmet Group Co. (NASDAQ:ELMT)’s share price was down 8.5% during trading on Tuesday . The stock traded as low as $19.15 and last traded at $18.8950. Approximately 61,451 shares were traded during trading, a decline of 92% from the average daily volume of 747,878 shares. The stock had previously closed at $20.64.

Analysts Set New Price Targets

Several equities analysts have recently commented on ELMT shares. Canaccord Genuity Group started coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $20.00 price objective on the stock. Needham & Company LLC initiated coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price objective on the stock. Zacks Research upgraded Elmet Group to a “hold” rating in a research report on Tuesday, May 19th. Cantor Fitzgerald initiated coverage on Elmet Group in a research report on Monday, May 18th. They set an “overweight” rating and a $20.00 price target on the stock. Finally, Roth Mkm initiated coverage on Elmet Group in a research report on Monday, May 18th. They set a “buy” rating and a $21.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Elmet Group currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Elmet Group Stock Down 11.5%

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

Insider Transactions at Elmet Group

In other Elmet Group news, Director Kimberly Monzeglio Anania bought 7,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was acquired at an average price of $14.00 per share, with a total value of $98,000.00. Following the completion of the purchase, the director owned 7,000 shares of the company’s stock, valued at approximately $98,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kathie Merrill Leonard bought 5,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were acquired at an average cost of $14.00 per share, with a total value of $70,000.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $70,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

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.