Sono-Tek (NASDAQ:SOTK) Share Price Crosses Below Two Hundred Day Moving Average on Analyst Downgrade

Shares of Sono-Tek Corporation (NASDAQ:SOTK) passed below its 200-day moving average during trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock has a 200-day moving average of $3.86 and traded as low as $3.60. Sono-Tek shares last traded at $3.60, with a volume of 34,092 shares changing hands.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Sono-Tek in a report on Monday. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.50.

Insider Activity

In other news, Director Christopher L. Coccio sold 12,320 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $4.78, for a total value of $58,889.60. Following the sale, the director directly owned 309,447 shares in the company, valued at approximately $1,479,156.66. This represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Sono-Tek

A hedge fund recently raised its stake in Sono-Tek stock. Susquehanna International Group LLP raised its holdings in shares of Sono-Tek Corporation (NASDAQ:SOTK) by 28.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,410 shares of the industrial products company’s stock after purchasing an additional 3,389 shares during the quarter. Susquehanna International Group LLP owned approximately 0.10% of Sono-Tek worth $69,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 47.89% of the company’s stock.

Sono-Tek Price Performance

The company has a market cap of $58.27 million, a price-to-earnings ratio of 37.10 and a beta of -0.27. The firm has a 50-day moving average price of $4.15 and a 200 day moving average price of $3.86.

Sono-Tek (NASDAQ:SOTK) last released its quarterly earnings results on Tuesday, October 14th. The industrial products company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $5.16 million during the quarter, compared to the consensus estimate of $5.25 million. Sono-Tek had a net margin of 7.33% and a return on equity of 8.38%. During the same period in the previous year, the business earned $0.02 earnings per share. On average, equities analysts anticipate that Sono-Tek Corporation will post 0.07 EPS for the current fiscal year.

About Sono-Tek

Sono-Tek Corporation designs and manufactures ultrasonic coating systems for applying on parts and components for the microelectronics/electronics, alternative energy, medical, industrial, and research and development/other markets worldwide. The company also designs and manufactures custom-engineered ultrasonic coating systems; and provides nozzles and generators for manufacturers' equipment.