QualTek Services (NASDAQ:QTEK – Get Rating) was downgraded by Oppenheimer from an "outperform" rating to a "market perform" rating in a note issued to investors on Friday, The Fly reports.

A number of other equities analysts have also recently issued reports on QTEK. Craig Hallum cut their price objective on shares of QualTek Services to $3.50 in a research report on Thursday, November 17th. DA Davidson lowered their target price on shares of QualTek Services from $6.00 to $4.00 in a report on Thursday, November 17th.

QualTek Services Price Performance

QTEK stock opened at $0.38 on Friday. The company's 50-day moving average is $0.45 and its 200-day moving average is $0.96. QualTek Services has a 1 year low of $0.27 and a 1 year high of $3.79.

Institutional Investors Weigh In On QualTek Services

A number of institutional investors and hedge funds have recently made changes to their positions in QTEK. Renaissance Technologies LLC acquired a new stake in shares of QualTek Services in the 2nd quarter worth about $26,000. PACK Private Wealth LLC purchased a new stake in QualTek Services in the 2nd quarter valued at about $37,000. State Street Corp purchased a new stake in QualTek Services in the 3rd quarter valued at about $78,000. IFP Advisors Inc purchased a new stake in QualTek Services in the 3rd quarter valued at about $244,000. Finally, Legacy Advisors LLC purchased a new stake in QualTek Services in the 3rd quarter valued at about $649,000. Institutional investors and hedge funds own 4.56% of the company's stock.

About QualTek Services

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QualTek Services Inc provides communications infrastructure, power grid modernization, and renewable solutions to telecommunications and utilities industries in North America. It operates in two segments, Telecom, and Renewables & Recovery Logistics. The Telecom segment engages in the installation, project management, maintenance, real estate, and site acquisition; fiber optic aerial and underground installation, fiber optic splicing, termination and testing, new installation, engineering, and fulfillment services to telecommunication companies; and electrical contracting, and utility construction and maintenance services to municipalities, electric membership cooperatives, and electric-utility companies, including the construction and maintenance of overhead and underground distribution systems.

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