Eltek (NASDAQ:ELTK) Upgraded at StockNews.com

Eltek (NASDAQ:ELTK) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Saturday.

Eltek Price Performance

Shares of NASDAQ:ELTK opened at $10.90 on Friday. The business’s 50 day moving average price is $11.67 and its 200-day moving average price is $13.05. The firm has a market capitalization of $66.16 million, a PE ratio of 10.19 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 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). The company had revenue of $12.32 million for the quarter, compared to analyst estimates of $12.20 million. Eltek had a return on equity of 26.20% and a net margin of 13.60%. As a group, analysts expect that Eltek will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Eltek

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. boosted its stake 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 last quarter. Quadrature Capital Ltd acquired a new position in Eltek during the fourth quarter worth $377,000. Navellier & Associates Inc. boosted its stake in 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 buying an additional 42,178 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Eltek during the fourth quarter worth $183,000. Institutional investors and hedge funds own 64.58% of the company’s stock.

Eltek Company Profile

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.