Eltek (NASDAQ:ELTK) Rating Lowered to Hold at StockNews.com

Eltek (NASDAQ:ELTK) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Eltek Stock Down 3.0 %

Eltek stock opened at $10.91 on Friday. Eltek has a 52-week low of $3.90 and a 52-week high of $22.80. The firm has a fifty day moving average of $12.31 and a 200-day moving average of $13.05. The firm has a market capitalization of $66.22 million, a P/E ratio of 10.20 and a beta of -1.84.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Navellier & Associates Inc. purchased a new position in shares of Eltek in the third quarter valued at $375,000. Quadrature Capital Ltd purchased a new position in shares of Eltek in the fourth quarter valued at $377,000. Citadel Advisors LLC purchased a new position in shares of Eltek in the fourth quarter valued at $349,000. Renaissance Technologies LLC boosted its stake in shares of Eltek by 9.9% in the first quarter. Renaissance Technologies LLC now owns 62,454 shares of the technology company’s stock valued at $259,000 after purchasing an additional 5,631 shares during the period. Finally, UBS Group AG boosted its stake in shares of Eltek by 5.6% in the fourth quarter. UBS Group AG now owns 15,798 shares of the technology company’s stock valued at $220,000 after purchasing an additional 832 shares during the period. 64.58% of the stock is currently owned by hedge funds and other 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 offers high density interconnect, flex-rigid, and multi-layered boards.