FY2023 EPS Estimates for Eltek Ltd. Increased by Zacks Small Cap (NASDAQ:ELTK)

Eltek Ltd. (NASDAQ:ELTK) – Research analysts at Zacks Small Cap lifted their FY2023 EPS estimates for Eltek in a research note issued on Monday, November 20th. Zacks Small Cap analyst T. Kerr now anticipates that the technology company will post earnings of $1.16 per share for the year, up from their previous forecast of $1.10. The consensus estimate for Eltek’s current full-year earnings is $1.10 per share. Zacks Small Cap also issued estimates for Eltek’s Q4 2023 earnings at $0.31 EPS and FY2025 earnings at $1.47 EPS.

Separately, StockNews.com raised shares of Eltek from a “buy” rating to a “strong-buy” rating in a research note on Sunday.

Eltek Trading Up 4.2 %

ELTK stock opened at $13.30 on Tuesday. The firm has a 50-day moving average price of $9.89 and a 200-day moving average price of $8.87. The stock has a market capitalization of $77.81 million, a P/E ratio of 13.43 and a beta of -1.57. Eltek has a 12 month low of $3.84 and a 12 month high of $13.74.

Eltek (NASDAQ:ELTK) last released its earnings results on Monday, August 21st. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $11.04 million for the quarter, compared to analysts’ expectations of $10.90 million. Eltek had a return on equity of 21.42% and a net margin of 10.81%. During the same quarter in the previous year, the business posted $0.13 earnings per share.

Hedge Funds Weigh In On Eltek

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new position in Eltek in the 2nd quarter worth about $56,000. Heron Bay Capital Management purchased a new position in Eltek in the second quarter worth $103,000. Bank of Montreal Can bought a new position in Eltek in the second quarter valued at $112,000. UBS Group AG raised its position in Eltek by 14,290.4% during the third quarter. UBS Group AG now owns 14,966 shares of the technology company’s stock valued at $142,000 after purchasing an additional 14,862 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Eltek by 9.9% during the first quarter. Renaissance Technologies LLC now owns 62,454 shares of the technology company’s stock worth $259,000 after purchasing an additional 5,631 shares during the last quarter. 2.47% of the stock is owned by hedge funds and other institutional investors.

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