Equities Analysts Set Expectations for Eltek FY2024 Earnings

Eltek Ltd. (NASDAQ:ELTK) – Equities research analysts at Zacks Small Cap lowered their FY2024 EPS estimates for Eltek in a research note issued to investors on Wednesday, November 20th. Zacks Small Cap analyst T. Kerr now forecasts that the technology company will post earnings per share of $0.87 for the year, down from their previous forecast of $1.02. The consensus estimate for Eltek’s current full-year earnings is $1.02 per share.

Eltek Stock Down 6.0 %

Shares of ELTK stock opened at $10.93 on Thursday. The firm has a 50 day moving average price of $10.76 and a two-hundred day moving average price of $10.57. The company has a market capitalization of $66.35 million, a PE ratio of 13.59 and a beta of 0.45. Eltek has a 12-month low of $9.00 and a 12-month high of $22.80.

Institutional Investors Weigh In On Eltek

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sunbelt Securities Inc. raised its position in shares of Eltek by 10.9% in the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock valued at $113,000 after buying an additional 1,020 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Eltek by 1.5% in the second quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock valued at $885,000 after buying an additional 1,300 shares in the last quarter. Finally, Foundry Partners LLC raised its position in shares of Eltek by 71.3% in the second quarter. Foundry Partners LLC now owns 212,270 shares of the technology company’s stock valued at $2,070,000 after buying an additional 88,365 shares in the last quarter. 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.