StockNews.com Lowers Eltek (NASDAQ:ELTK) to Buy

Eltek (NASDAQ:ELTK – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.

Eltek Stock Down 7.1 %

Shares of NASDAQ:ELTK opened at $9.38 on Thursday. The company has a market cap of $54.87 million, a P/E ratio of 11.73 and a beta of -1.49. Eltek has a 52 week low of $3.56 and a 52 week high of $10.99. The company has a 50-day moving average price of $8.31 and a 200 day moving average price of $7.08.

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Eltek (NASDAQ:ELTK – Get Free Report) last announced its quarterly earnings data on Monday, August 21st. The technology company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $11.04 million during the quarter, compared to the consensus estimate of $10.90 million. Eltek had a net margin of 10.81% and a return on equity of 21.42%. During the same quarter last year, the firm earned $0.13 earnings per share. Analysts expect that Eltek will post 1.1 EPS for the current year.

Institutional Investors Weigh In On Eltek

Hedge funds and other institutional investors have recently modified their holdings of the stock. Heron Bay Capital Management acquired a new stake in shares of Eltek during the 2nd quarter valued at approximately $103,000. Renaissance Technologies LLC lifted its position in shares of Eltek by 9.9% during the 1st quarter. Renaissance Technologies LLC now owns 62,454 shares of the technology company’s stock valued at $259,000 after acquiring an additional 5,631 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of Eltek during the 2nd quarter valued at approximately $56,000. Finally, Bank of Montreal Can acquired a new stake in shares of Eltek during the 2nd quarter valued at approximately $112,000. 2.47% of the stock is currently owned by institutional investors and hedge funds.

About Eltek

(Get Free Report)

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.

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