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

Eltek (NASDAQ:ELTK) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Eltek Stock Performance

Shares of ELTK opened at $10.91 on Friday. The firm has a market cap of $66.22 million, a PE ratio of 10.20 and a beta of -1.84. The firm’s 50 day moving average price is $12.31 and its 200 day moving average price is $13.05. Eltek has a twelve month low of $3.90 and a twelve month high of $22.80.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings data 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 the consensus estimate of $12.20 million. Eltek had a net margin of 13.60% and a return on equity of 26.20%. On average, sell-side analysts anticipate that Eltek will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eltek

A number of institutional investors have recently modified their holdings of ELTK. Sunbelt Securities Inc. bought a new position in shares of Eltek in the second quarter valued at approximately $56,000. UBS Group AG raised its position in shares of 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 purchasing an additional 14,862 shares during the period. Jump Financial LLC bought a new position in shares of Eltek in the fourth quarter valued at approximately $183,000. Renaissance Technologies LLC raised its position 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, Citadel Advisors LLC bought a new position in shares of Eltek in the fourth quarter valued at approximately $349,000. Institutional investors own 64.58% 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.