Eltek (NASDAQ:ELTK) Upgraded to Strong-Buy by StockNews.com

Eltek (NASDAQ:ELTK) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Sunday.

Eltek Trading Up 10.7 %

NASDAQ ELTK opened at $12.76 on Friday. The firm has a market capitalization of $74.65 million, a price-to-earnings ratio of 15.95 and a beta of -1.57. The firm’s 50 day simple moving average is $9.79 and its 200 day simple moving average is $8.73. Eltek has a 1 year low of $3.84 and a 1 year high of $12.90.

Eltek (NASDAQ:ELTK) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. The business had revenue of $11.04 million for the quarter, compared to analyst estimates of $10.90 million. Eltek had a net margin of 10.81% and a return on equity of 21.42%. During the same quarter last year, the business posted $0.13 EPS. On average, equities research analysts forecast that Eltek will post 1.1 earnings per share for the current year.

Institutional Trading of Eltek

Hedge funds have recently added to or reduced their stakes in the stock. Heron Bay Capital Management acquired a new stake in Eltek in the second quarter valued at approximately $103,000. Renaissance Technologies LLC boosted its position in 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 buying an additional 5,631 shares in the last quarter. UBS Group AG boosted its position in Eltek by 14,290.4% in the third quarter. UBS Group AG now owns 14,966 shares of the technology company’s stock valued at $142,000 after buying an additional 14,862 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in Eltek in the second quarter valued at approximately $56,000. Finally, Navellier & Associates Inc. acquired a new stake in Eltek in the third quarter valued at approximately $375,000. Institutional investors and hedge funds own 2.47% of the company’s stock.

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.