Oppenheimer Downgrades QualTek Services (NASDAQ:QTEK) to Market Perform

QualTek Services (NASDAQ:QTEK – Get Rating) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, The Fly reports.

A number of other equities analysts have also recently issued reports on QTEK. Craig Hallum cut their price objective on shares of QualTek Services to $3.50 in a research report on Thursday, November 17th. DA Davidson lowered their target price on shares of QualTek Services from $6.00 to $4.00 in a report on Thursday, November 17th.

QualTek Services Price Performance

QTEK stock opened at $0.38 on Friday. The company’s 50-day moving average is $0.45 and its 200-day moving average is $0.96. QualTek Services has a 1 year low of $0.27 and a 1 year high of $3.79.

Institutional Investors Weigh In On QualTek Services

A number of institutional investors and hedge funds have recently made changes to their positions in QTEK. Renaissance Technologies LLC acquired a new stake in shares of QualTek Services in the 2nd quarter worth about $26,000. PACK Private Wealth LLC purchased a new stake in QualTek Services in the 2nd quarter valued at about $37,000. State Street Corp purchased a new stake in QualTek Services in the 3rd quarter valued at about $78,000. IFP Advisors Inc purchased a new stake in QualTek Services in the 3rd quarter valued at about $244,000. Finally, Legacy Advisors LLC purchased a new stake in QualTek Services in the 3rd quarter valued at about $649,000. Institutional investors and hedge funds own 4.56% of the company’s stock.

About QualTek Services

(Get Rating)

QualTek Services Inc provides communications infrastructure, power grid modernization, and renewable solutions to telecommunications and utilities industries in North America. It operates in two segments, Telecom, and Renewables & Recovery Logistics. The Telecom segment engages in the installation, project management, maintenance, real estate, and site acquisition; fiber optic aerial and underground installation, fiber optic splicing, termination and testing, new installation, engineering, and fulfillment services to telecommunication companies; and electrical contracting, and utility construction and maintenance services to municipalities, electric membership cooperatives, and electric-utility companies, including the construction and maintenance of overhead and underground distribution systems.