Elmet Group (NASDAQ:ELMT) Stock Falls 14.2% – Time to Sell?

Elmet Group Co. (NASDAQ:ELMT)’s stock price dropped 14.2% on Wednesday. The stock traded as low as $19.81 and last traded at $18.9270. Approximately 188,219 shares were traded during trading, a decline of 72% from the average session volume of 661,859 shares. The stock had previously closed at $22.06.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cantor Fitzgerald upped their price target on shares of Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Canaccord Genuity Group raised 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. Needham & Company LLC lifted their price objective on 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 Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, October 2nd. Finally, Roth Capital reiterated a “buy” rating and set a $26.00 target price (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.50.

Elmet Group Stock Performance

The stock’s fifty day simple moving average is $19.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.03 and a quick ratio of 1.60. The firm has a market cap of $629.61 million and a P/E ratio of 50.73.

Elmet Group (NASDAQ:ELMT) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.38. The business had revenue of $66.40 million for the quarter. The business’s revenue was up 35.2% on a year-over-year basis. As a group, analysts expect that Elmet Group Co. will post 0.72 EPS for the current year.

Institutional Trading of Elmet Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bangor Savings Bank acquired a new position in Elmet Group during the third quarter worth approximately $48,741,000. Wellington Management Group LLP acquired a new position in shares of Elmet Group in the 2nd quarter valued at $10,537,000. AWM Investment Company Inc. purchased a new stake in shares of Elmet Group during the 2nd quarter valued at $6,807,000. Skylands Capital LLC grew its stake in shares of Elmet Group by 22.9% during the 3rd quarter. Skylands Capital LLC now owns 133,036 shares of the company’s stock valued at $2,655,000 after buying an additional 24,819 shares during the period. Finally, State Street Corp purchased a new stake in shares of Elmet Group during the 2nd quarter valued at $2,640,000.

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.