Eltek (NASDAQ:ELTK) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Eltek (NASDAQ:ELTK) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Eltek Stock Up 1.8 %

Shares of NASDAQ ELTK opened at $10.86 on Friday. Eltek has a 12 month low of $3.90 and a 12 month high of $22.80. The company has a market cap of $65.91 million, a price-to-earnings ratio of 10.15 and a beta of -1.84. The business has a fifty day simple moving average of $11.51 and a 200-day simple moving average of $13.11.

Eltek (NASDAQ:ELTK) last posted its quarterly earnings data on Monday, March 11th. The technology company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.09). The firm had revenue of $12.32 million for the quarter, compared to analysts’ expectations of $12.20 million. Eltek had a net margin of 13.60% and a return on equity of 26.20%. As a group, sell-side analysts expect that Eltek will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Eltek

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its stake in Eltek by 46.6% during the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after acquiring an additional 2,945 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Eltek during the fourth quarter worth approximately $183,000. Navellier & Associates Inc. purchased a new position in Eltek during the third quarter valued at approximately $375,000. Finally, Quadrature Capital Ltd acquired a new position in Eltek in the 4th quarter valued at approximately $377,000. 64.58% of the stock is currently owned by hedge funds and other 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 provides high density interconnect, flex-rigid, and multi-layered boards.