Eltek (NASDAQ:ELTK) Downgraded by StockNews.com to Hold

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

Eltek Stock Down 1.0 %

Shares of ELTK stock opened at $10.80 on Friday. Eltek has a 12 month low of $3.90 and a 12 month high of $22.80. The company’s fifty day simple moving average is $12.07 and its 200-day simple moving average is $13.07. The firm has a market cap of $65.56 million, a PE ratio of 10.09 and a beta of -1.84.

Eltek (NASDAQ:ELTK) last posted its quarterly 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). The company had revenue of $12.32 million during the quarter, compared to the consensus estimate of $12.20 million. Eltek had a net margin of 13.60% and a return on equity of 26.20%. On average, equities analysts predict that Eltek will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Eltek

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its holdings in shares of Eltek by 46.6% during the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,945 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Eltek in the 4th quarter valued at approximately $377,000. Navellier & Associates Inc. boosted its position in shares of Eltek by 106.4% during the 4th quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock worth $1,142,000 after acquiring an additional 42,178 shares in the last quarter. Finally, Jump Financial LLC bought a new position in Eltek in the fourth quarter valued at approximately $183,000. Institutional investors own 64.58% of the company’s stock.

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