Eltek (NASDAQ:ELTK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Eltek (NASDAQ:ELTK) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Eltek Price Performance

Shares of NASDAQ ELTK opened at $10.67 on Friday. The business has a 50-day moving average of $11.58 and a two-hundred day moving average of $13.09. The company has a market capitalization of $64.77 million, a price-to-earnings ratio of 9.97 and a beta of -1.84. Eltek has a 1 year low of $3.90 and a 1 year high of $22.80.

Eltek (NASDAQ:ELTK) last posted its earnings results on Monday, March 11th. The technology company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.09). The business had revenue of $12.32 million for the quarter, compared to analysts’ expectations of $12.20 million. Eltek had a return on equity of 26.20% and a net margin of 13.60%. As a group, equities research analysts expect that Eltek will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Eltek

Several hedge funds and other institutional investors have recently bought and sold shares of ELTK. Navellier & Associates Inc. grew its holdings in shares of Eltek by 106.4% during the fourth quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock worth $1,142,000 after purchasing an additional 42,178 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Eltek during the 4th quarter worth approximately $377,000. Jump Financial LLC purchased a new position in Eltek during the 4th quarter worth approximately $183,000. Finally, Sunbelt Securities Inc. increased its position in Eltek by 46.6% during the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after buying an additional 2,945 shares during the period. 64.58% of the stock is currently owned by institutional investors and hedge funds.

About Eltek

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.