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

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

Eltek Trading Up 2.2 %

Eltek stock opened at $8.44 on Monday. The stock has a 50 day moving average of $9.69 and a two-hundred day moving average of $10.50. Eltek has a twelve month low of $7.65 and a twelve month high of $12.47. The stock has a market capitalization of $56.63 million, a price-to-earnings ratio of 9.92 and a beta of 0.58.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yelin Lapidot Holdings Management Ltd. lifted its stake 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 buying an additional 140,868 shares in the last quarter. Essex Investment Management Co. LLC purchased a new stake in Eltek in the 4th quarter valued at about $99,000. Finally, Northern Trust Corp acquired a new position in Eltek during the fourth quarter worth approximately $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.