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

Stock analysts at StockNews.com started coverage on shares of Eltek (NASDAQ:ELTK) in a research note issued on Thursday. The brokerage set a “hold” rating on the technology company’s stock.

Eltek Price Performance

Shares of ELTK opened at $8.56 on Thursday. The business’s fifty day moving average price is $11.14 and its 200 day moving average price is $10.93. Eltek has a 12-month low of $8.05 and a 12-month high of $12.47. The stock has a market capitalization of $51.95 million, a PE ratio of 10.07 and a beta of 0.36.

Hedge Funds Weigh In On Eltek

Several large investors have recently added to or reduced their stakes in ELTK. Foundry Partners LLC lifted its stake in Eltek by 14.2% during the third quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock worth $2,645,000 after purchasing an additional 30,200 shares during the last quarter. Sunbelt Securities Inc. lifted its stake in 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 purchasing an additional 1,020 shares during the last quarter. Yelin Lapidot Holdings Management Ltd. lifted its stake in Eltek by 206.7% during the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock worth $2,312,000 after purchasing an additional 140,868 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Eltek during the fourth quarter valued at $99,000. Finally, Northern Trust Corp acquired a new position in shares of Eltek during the fourth quarter valued at $405,000. 64.58% of the stock is currently owned by institutional investors.

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.