Eltek (NASDAQ:ELTK) Upgraded at StockNews.com

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

Eltek Trading Down 2.1 %

Eltek stock opened at $10.67 on Friday. Eltek has a 12 month low of $3.90 and a 12 month high of $22.80. The company has a market capitalization of $64.77 million, a price-to-earnings ratio of 9.97 and a beta of -1.84. The business’s fifty day simple moving average is $11.58 and its two-hundred day simple moving average is $13.09.

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

Institutional Investors Weigh In On Eltek

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. boosted its stake in Eltek by 46.6% during the 1st 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 during the last quarter. Jump Financial LLC bought a new position in shares of Eltek during the fourth quarter valued at $183,000. Navellier & Associates Inc. purchased a new stake in shares of Eltek during the third quarter valued at $375,000. Finally, Quadrature Capital Ltd bought a new stake in Eltek in the 4th quarter worth about $377,000. 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 provides high density interconnect, flex-rigid, and multi-layered boards.