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 Thursday.

Eltek Trading Up 5.6 %

NASDAQ ELTK opened at $11.89 on Thursday. The stock has a 50-day simple moving average of $10.81 and a 200 day simple moving average of $13.23. The company has a market capitalization of $72.17 million, a PE ratio of 11.11 and a beta of -1.73. Eltek has a 12 month low of $7.06 and a 12 month high of $22.80.

Eltek (NASDAQ:ELTK) last released its quarterly earnings data on Monday, March 11th. The technology company reported $0.22 EPS 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 13.89% and a return on equity of 23.18%. As a group, sell-side analysts predict that Eltek will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eltek

Large investors have recently modified their holdings of the business. Navellier & Associates Inc. bought a new stake in shares of Eltek in the third quarter worth about $375,000. Foundry Partners LLC bought a new stake in shares of Eltek in the first quarter worth about $1,380,000. Sunbelt Securities Inc. increased its holdings in shares of Eltek by 46.6% in the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after acquiring an additional 2,945 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Eltek in the fourth quarter worth about $377,000. Finally, Jump Financial LLC bought a new stake in shares of Eltek in the fourth quarter worth about $183,000. 64.58% of the stock is currently owned by institutional investors.

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