StockNews.com Initiates Coverage on Eltek (NASDAQ:ELTK)

StockNews.com assumed coverage on shares of Eltek (NASDAQ:ELTK) in a research note released on Sunday morning. The firm issued a hold rating on the technology company’s stock.

Eltek Trading Down 5.5 %

Shares of ELTK opened at $7.68 on Friday. The company’s 50-day moving average price is $10.03 and its 200 day moving average price is $10.60. Eltek has a 12-month low of $7.65 and a 12-month high of $12.47. The firm has a market cap of $46.61 million, a P/E ratio of 9.04 and a beta of 0.58.

Hedge Funds Weigh In On Eltek

Large investors have recently made changes to their positions in the stock. Yelin Lapidot Holdings Management Ltd. increased its holdings in Eltek by 206.7% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock valued at $2,312,000 after purchasing an additional 140,868 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Eltek by 10.9% during the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after buying an additional 1,020 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of Eltek in the fourth quarter valued at $99,000. Finally, Northern Trust Corp purchased a new stake in shares of Eltek in the 4th quarter valued at $405,000. 64.58% of the stock is currently owned by institutional investors and hedge funds.

Eltek Company Profile

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.