Sono-Tek (NASDAQ:SOTK) Stock Rating Raised to Outperform at Northland Securities

Sono-Tek (NASDAQ:SOTK) was upgraded by equities researchers at Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat.com reports. The brokerage currently has a $7.00 target price on the industrial products company’s stock. Northland Securities‘s price objective would suggest a potential upside of 36.19% from the stock’s previous close.

SOTK has been the subject of a number of other reports. Wall Street Zen lowered Sono-Tek from a “strong-buy” rating to a “hold” rating in a report on Saturday, October 17th. Weiss Ratings lowered Sono-Tek from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.75.

Sono-Tek Stock Down 2.3%

NASDAQ:SOTK traded down $0.12 on Monday, hitting $5.14. The stock had a trading volume of 117,476 shares, compared to its average volume of 52,988. The company has a market cap of $80.96 million, a PE ratio of 42.83 and a beta of 0.07. Sono-Tek has a 52 week low of $3.40 and a 52 week high of $7.48. The business’s fifty day moving average is $5.38 and its 200 day moving average is $5.17.

Sono-Tek (NASDAQ:SOTK) last issued its quarterly earnings results on Wednesday, October 14th. The industrial products company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Sono-Tek had a net margin of 9.32% and a return on equity of 9.95%. The business had revenue of $5.23 million for the quarter, compared to analysts’ expectations of $5.54 million. Equities analysts predict that Sono-Tek will post 0.08 earnings per share for the current fiscal year.

Insider Transactions at Sono-Tek

In related news, CFO Stephen Bagley sold 8,346 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $5.13, for a total transaction of $42,814.98. Following the transaction, the chief financial officer owned 21,254 shares in the company, valued at $109,033.02. The trade was a 28.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Sono-Tek

Several large investors have recently bought and sold shares of SOTK. Northwestern Mutual Wealth Management Co. bought a new stake in Sono-Tek during the 2nd quarter valued at approximately $73,000. Bard Associates Inc. bought a new stake in shares of Sono-Tek in the 2nd quarter worth approximately $349,000. BlackRock Inc. bought a new stake in shares of Sono-Tek in the 2nd quarter worth approximately $179,000. Finally, Renaissance Technologies LLC boosted its position in shares of Sono-Tek by 41.6% in the 1st quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock worth $362,000 after purchasing an additional 26,161 shares in the last quarter. 47.89% of the stock is owned by institutional investors.

About Sono-Tek

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste.

The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.