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

StockNews.com downgraded shares of Eltek (NASDAQ:ELTK) from a buy rating to a hold rating in a research report report published on Friday.

Eltek Trading Down 3.0 %

Eltek stock opened at $10.91 on Friday. Eltek has a 1-year low of $3.90 and a 1-year high of $22.80. The firm has a market capitalization of $66.22 million, a price-to-earnings ratio of 10.20 and a beta of -1.84. The firm’s fifty day moving average price is $12.31 and its two-hundred day moving average price is $13.02.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Navellier & Associates Inc. lifted its stake in shares of Eltek by 106.4% in the fourth quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock valued at $1,142,000 after buying an additional 42,178 shares in the last quarter. Renaissance Technologies LLC raised its holdings 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 last quarter. Quadrature Capital Ltd purchased a new stake in shares of Eltek in the fourth quarter valued at about $377,000. Citadel Advisors LLC purchased a new stake in shares of Eltek in the fourth quarter valued at about $349,000. Finally, UBS Group AG raised its holdings 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 last quarter. 64.58% of the stock is owned by institutional investors.

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