Canaccord Genuity Group Issues Positive Forecast for Elmet Group (NASDAQ:ELMT) Stock Price

Elmet Group (NASDAQ:ELMT) had its price target lifted by Canaccord Genuity Group from $26.00 to $28.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on ELMT. Weiss Ratings raised Elmet Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Roth Capital reissued a “buy” rating and set a $26.00 price target (up from $21.00) on shares of Elmet Group in a report on Tuesday, September 15th. Needham & Company LLC upped 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. Finally, Cantor Fitzgerald raised their price objective on Elmet Group from $20.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Four research 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.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Elmet Group Stock Up 8.4%

Shares of Elmet Group stock opened at $21.00 on Wednesday. The stock’s 50 day moving average price is $20.22. Elmet Group has a 1-year low of $12.48 and a 1-year high of $25.46. The company has a quick ratio of 1.60, a current ratio of 5.91 and a debt-to-equity ratio of 0.12.

Elmet Group (NASDAQ:ELMT) last announced its quarterly earnings data on Monday, November 9th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.20. The firm had revenue of $79.56 million during the quarter. During the same quarter last year, the business earned $0.08 earnings per share. Elmet Group’s revenue was up 55.6% compared to the same quarter last year. As a group, equities analysts forecast that Elmet Group will post 0.72 earnings per share for the current year.

Hedge Funds Weigh In On Elmet Group

Institutional investors have recently added to or reduced their stakes in the stock. Bangor Savings Bank acquired a new stake in Elmet Group in the third quarter valued at approximately $48,741,000. Wellington Management Group LLP bought a new stake in shares of Elmet Group during the second quarter worth $10,537,000. AWM Investment Company Inc. acquired a new position in shares of Elmet Group during the second quarter worth $6,807,000. Roubaix Capital LLC acquired a new position in shares of Elmet Group during the third quarter worth $6,015,000. Finally, State Street Corp acquired a new position in shares of Elmet Group during the second quarter worth $2,640,000.

Top Elmet Group Stories

Investors following ELMT have been watching these stories:

• Positive Sentiment: Canaccord Genuity raised its price target to $28 from $26 and reiterated a “buy” rating, implying about 33% upside from $21. Canaccord Genuity recommendations
• Positive Sentiment: Third-quarter EPS of $0.35 beat the $0.15 consensus estimate, while revenue rose 55.6% year over year to $79.56 million. Another report highlighted a $347 million backlog, supporting the earnings beat and demand outlook. Q3 results Q3 earnings and backlog
• Neutral Sentiment: A short-interest update reported zero shares sold short and a zero-day short-interest ratio, suggesting little reported short positioning; the entry’s description of a “large increase” conflicts with those figures.

Elmet Group Company Profile

Elmet Group, Inc. is a special purpose acquisition company (SPAC) formed to pursue a business combination with another company. It does not currently have an operating business or sell products and services of its own. The company’s stated purpose is to identify and combine with a business through a merger, acquisition, share exchange or similar transaction. Until such a transaction is completed, its activities are focused on evaluating potential opportunities. Information about a target business, operating markets and management following a business combination depends on any transaction Elmet Group may complete.