Sono-Tek (NASDAQ:SOTK) Stock Rating Upgraded by Northland Securities

Sono-Tek (NASDAQ:SOTK) was upgraded by research analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report released on Monday, MarketBeat reports. The firm presently has a $7.00 target price on the industrial products company’s stock. Northland Securities‘s target price points to a potential upside of 29.18% from the company’s previous close.

A number of other brokerages also recently commented on SOTK. Weiss Ratings downgraded shares of Sono-Tek from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Wall Street Zen cut shares of Sono-Tek from a “strong-buy” rating to a “hold” rating in a research note on Saturday, October 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.75.

Sono-Tek Stock Up 5.4%

NASDAQ SOTK opened at $5.42 on Monday. Sono-Tek has a one year low of $3.40 and a one year high of $7.48. The company has a 50-day simple moving average of $5.38 and a 200-day simple moving average of $4.86.

Sono-Tek (NASDAQ:SOTK) last released 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). The business had revenue of $5.23 million for the quarter, compared to the consensus estimate of $5.54 million. As a group, equities analysts anticipate that Sono-Tek will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In other Sono-Tek news, CFO Stephen Bagley sold 8,346 shares of Sono-Tek stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $5.13, for a total transaction of $42,814.98. Following the completion of the transaction, the chief financial officer directly owned 21,254 shares of the company’s stock, valued at $109,033.02. The trade was a 28.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.57% of the company’s stock.

Institutional Trading of Sono-Tek

Several institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in Sono-Tek by 41.6% in the 1st quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock valued at $362,000 after purchasing an additional 26,161 shares during the period. Bard Associates Inc. bought a new stake in shares of Sono-Tek during the 2nd quarter worth $349,000. BlackRock Inc. purchased a new stake in Sono-Tek in the 2nd quarter worth about $179,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Sono-Tek in the 2nd quarter worth about $73,000. 47.89% of the stock is currently owned by institutional investors.

Sono-Tek Company Profile

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.