StockNews.com Lowers Eltek (NASDAQ:ELTK) to Hold

StockNews.com lowered shares of Eltek (NASDAQ:ELTK) from a buy rating to a hold rating in a report issued on Friday.

Eltek Price Performance

Eltek stock opened at $10.80 on Friday. The stock has a market capitalization of $65.56 million, a PE ratio of 10.09 and a beta of -1.84. The business has a 50 day simple moving average of $12.07 and a 200-day simple moving average of $13.07. Eltek has a 12 month low of $3.90 and a 12 month high of $22.80.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings results on Monday, March 11th. The technology company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.09). The company had revenue of $12.32 million during the quarter, compared to analysts’ expectations of $12.20 million. Eltek had a return on equity of 26.20% and a net margin of 13.60%. On average, equities research analysts anticipate that Eltek will post 1.12 EPS for the current fiscal year.

Institutional Trading of Eltek

A number of hedge funds and other institutional investors have recently modified their holdings of ELTK. Sunbelt Securities Inc. grew its stake in shares of Eltek by 46.6% in the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after buying an additional 2,945 shares during the period. Jump Financial LLC acquired a new position in Eltek in the fourth quarter valued at approximately $183,000. Navellier & Associates Inc. purchased a new position in Eltek in the third quarter worth approximately $375,000. Finally, Quadrature Capital Ltd acquired a new stake in Eltek during the fourth quarter worth $377,000. 64.58% of the stock is owned by institutional investors and hedge funds.

Eltek Company Profile

Eltek Ltd. manufactures, markets, and sells printed circuit boards (PCBs) in Israel, Europe, North America, India, the Netherlands, and internationally. It offers a range of custom designed PCBs, including rigid, double-sided, and multi-layer PCBs, and flexible circuitry boards. The company also offers high density interconnect, flex-rigid, and multi-layered boards.