Eltek (NASDAQ:ELTK) Shares Pass Above 200-Day Moving Average – Time to Sell?

Eltek Ltd. (NASDAQ:ELTK)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.53 and traded as high as $10.70. Eltek shares last traded at $10.59, with a volume of 24,825 shares.

Eltek Price Performance

The company’s fifty day simple moving average is $10.63 and its 200-day simple moving average is $10.53. The firm has a market capitalization of $64.27 million, a PE ratio of 9.90 and a beta of 0.44.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings data on Thursday, August 15th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.14). The company had revenue of $10.47 million during the quarter, compared to analysts’ expectations of $11.90 million. Eltek had a net margin of 12.85% and a return on equity of 18.75%. During the same quarter last year, the firm posted $0.22 earnings per share. Analysts forecast that Eltek Ltd. will post 1.02 earnings per share for the current year.

Institutional Investors Weigh In On Eltek

Institutional investors and hedge funds have recently bought and sold shares of the stock. Foundry Partners LLC acquired a new position in Eltek in the 1st quarter valued at $1,380,000. Sunbelt Securities Inc. lifted its holdings in shares of Eltek by 46.6% during the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after acquiring an additional 2,945 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Eltek in the fourth quarter valued at approximately $377,000. Finally, Renaissance Technologies LLC lifted its stake 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 worth $885,000 after acquiring an additional 1,300 shares in the last quarter. 64.58% 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 provides high density interconnect, flex-rigid, and multi-layered boards.