Eltek (NASDAQ:ELTK) Stock Rating Upgraded by StockNews.com

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

Eltek Price Performance

Shares of NASDAQ:ELTK opened at $10.86 on Friday. Eltek has a 1 year low of $3.90 and a 1 year high of $22.80. The stock has a market capitalization of $65.91 million, a price-to-earnings ratio of 10.15 and a beta of -1.84. The company’s 50 day simple moving average is $11.51 and its 200 day simple moving average is $13.11.

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

Institutional Investors Weigh In On Eltek

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Navellier & Associates Inc. bought a new stake in Eltek during the 3rd quarter worth $375,000. Sunbelt Securities Inc. boosted its stake in shares of Eltek by 46.6% during the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after purchasing an additional 2,945 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Eltek during the fourth quarter worth about $377,000. Finally, Jump Financial LLC acquired a new position in shares of Eltek in the fourth quarter valued at approximately $183,000. 64.58% of the stock is owned by institutional investors.

About Eltek

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 provides high density interconnect, flex-rigid, and multi-layered boards.