Eltek (NASDAQ:ELTK) Cut to Hold at StockNews.com

Eltek (NASDAQ:ELTK) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Eltek Stock Down 3.0 %

ELTK traded down $0.34 during trading on Friday, hitting $10.91. 48,083 shares of the company traded hands, compared to its average volume of 133,022. The firm has a market cap of $66.22 million, a P/E ratio of 10.20 and a beta of -1.84. Eltek has a one year low of $3.90 and a one year high of $22.80. The stock’s fifty day moving average is $12.31 and its 200 day moving average is $13.02.

Eltek (NASDAQ:ELTK) last issued its earnings results 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 business had revenue of $12.32 million for the quarter, compared to the consensus estimate of $12.20 million. Eltek had a return on equity of 26.20% and a net margin of 13.60%. On average, equities research analysts forecast that Eltek will post 1.12 EPS for the current fiscal 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 business. Navellier & Associates Inc. boosted its position in shares of Eltek by 106.4% in the fourth quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock valued at $1,142,000 after acquiring an additional 42,178 shares during the period. Renaissance Technologies LLC boosted its position in shares of Eltek by 9.9% in the first 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. Quadrature Capital Ltd bought a new position in shares of Eltek in the fourth quarter valued at approximately $377,000. Citadel Advisors LLC bought a new position in shares of Eltek in the fourth quarter valued at approximately $349,000. Finally, UBS Group AG boosted its position in shares of Eltek by 5.6% in the fourth quarter. UBS Group AG now owns 15,798 shares of the technology company’s stock valued at $220,000 after acquiring an additional 832 shares during the period. Institutional investors own 64.58% of the company’s stock.

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 offers high density interconnect, flex-rigid, and multi-layered boards.