Eltek (NASDAQ:ELTK) Stock Rating Upgraded by StockNews.com

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

Eltek Stock Down 2.4 %

Shares of ELTK opened at $10.90 on Friday. The company has a market cap of $66.16 million, a price-to-earnings ratio of 10.19 and a beta of -1.84. Eltek has a twelve month low of $3.90 and a twelve month high of $22.80. The company has a 50 day moving average of $11.67 and a two-hundred day moving average of $13.08.

Eltek (NASDAQ:ELTK) last announced its earnings results 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 firm had revenue of $12.32 million during the quarter, compared to analyst estimates 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 expect that Eltek will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Eltek

Several institutional investors have recently bought and sold shares of ELTK. Navellier & Associates Inc. acquired a new stake in shares of Eltek during the third quarter worth $375,000. Jump Financial LLC acquired a new stake in shares of Eltek during the fourth quarter worth $183,000. Quadrature Capital Ltd acquired a new stake in shares of Eltek during the fourth quarter worth $377,000. Finally, Sunbelt Securities Inc. lifted its stake in shares of 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 period. 64.58% of the stock is currently owned by institutional investors and hedge funds.

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.