Sono-Tek (NASDAQ:SOTK) Upgraded at Northland Securities

Sono-Tek (NASDAQ:SOTK) was upgraded by analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat reports. The brokerage currently has a $7.00 price target on the industrial products company’s stock. Northland Securities‘s price target indicates a potential upside of 33.08% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Weiss Ratings cut Sono-Tek from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Wall Street Zen lowered Sono-Tek from a “strong-buy” rating to a “hold” rating in a research report on Saturday, October 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.75.

Sono-Tek Price Performance

Shares of NASDAQ:SOTK opened at $5.26 on Monday. The company’s 50-day moving average price is $5.38 and its two-hundred day moving average price is $5.17. Sono-Tek has a one year low of $3.40 and a one year high of $7.48. The stock has a market capitalization of $82.84 million, a PE ratio of 43.83 and a beta of 0.07.

Sono-Tek (NASDAQ:SOTK) last posted its quarterly earnings data on Wednesday, October 14th. The industrial products company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $5.23 million for the quarter, compared to analyst estimates of $5.54 million. Sono-Tek had a return on equity of 9.95% and a net margin of 9.32%. On average, analysts anticipate that Sono-Tek will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sono-Tek news, CFO Stephen Bagley sold 8,346 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $5.13, for a total transaction of $42,814.98. Following the transaction, the chief financial officer owned 21,254 shares of the company’s stock, valued at $109,033.02. The trade was a 28.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOTK. Renaissance Technologies LLC increased its holdings in shares of Sono-Tek by 41.6% during the 1st quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock worth $362,000 after acquiring an additional 26,161 shares during the last quarter. Bard Associates Inc. bought a new position in Sono-Tek during the second quarter worth $349,000. BlackRock Inc. acquired a new position in shares of Sono-Tek in the second quarter valued at $179,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Sono-Tek in the second quarter valued at $73,000. 47.89% of the stock is currently owned by institutional investors.

About Sono-Tek

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste.

The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.