Eltek (NASDAQ:ELTK) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Eltek Ltd. (NASDAQ:ELTK) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.56 and traded as high as $11.47. Eltek shares last traded at $11.33, with a volume of 11,476 shares traded.

Eltek Price Performance

The firm has a market capitalization of $68.76 million, a P/E ratio of 13.33 and a beta of 0.45. The firm’s 50 day simple moving average is $10.98 and its two-hundred day simple moving average is $10.56.

Hedge Funds Weigh In On Eltek

A number of hedge funds have recently modified their holdings of the company. Sunbelt Securities Inc. increased its position in shares of Eltek by 10.9% in the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock valued at $113,000 after acquiring an additional 1,020 shares during the period. Foundry Partners LLC increased its position in shares of Eltek by 14.2% in the third quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock valued at $2,645,000 after acquiring an additional 30,200 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Eltek by 1.5% in the second quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock valued at $885,000 after acquiring an additional 1,300 shares during the period. Hedge funds and other institutional investors own 64.58% of the company’s stock.

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.