QualTek Services (NASDAQ:QTEK) Downgraded to Market Perform at Oppenheimer

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

Other analysts have also recently issued research reports about the stock. Craig Hallum lowered their price objective on shares of QualTek Services to $3.50 in a research report on Thursday, November 17th. DA Davidson lowered their price objective on shares of QualTek Services from $6.00 to $4.00 in a research report on Thursday, November 17th.

QualTek Services Price Performance

Shares of NASDAQ:QTEK opened at $0.38 on Friday. The firm has a fifty day moving average price of $0.45 and a two-hundred day moving average price of $0.96. QualTek Services has a one year low of $0.27 and a one year high of $3.79.

Institutional Trading of QualTek Services

Institutional investors and hedge funds have recently made changes to their positions in the stock. PACK Private Wealth LLC purchased a new position in QualTek Services in the 2nd quarter worth $37,000. IFP Advisors Inc purchased a new position in QualTek Services in the 3rd quarter worth $244,000. Legacy Advisors LLC purchased a new position in QualTek Services in the 3rd quarter worth $649,000. Wasatch Advisors Inc. purchased a new position in QualTek Services in the 1st quarter worth $4,409,000. Finally, State Street Corp purchased a new position in QualTek Services in the 3rd quarter worth $78,000. Hedge funds and other institutional investors own 4.56% of the company’s stock.

About QualTek Services

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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.