Eltek (NASDAQ:ELTK) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Eltek Ltd. (NASDAQ:ELTK)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.52 and traded as high as $10.75. Eltek shares last traded at $10.72, with a volume of 13,445 shares trading hands.

Eltek Trading Down 0.8 %

The company has a market cap of $65.06 million, a price-to-earnings ratio of 12.61 and a beta of 0.44. The stock’s 50-day moving average is $10.86 and its 200-day moving average is $10.52.

Hedge Funds Weigh In On Eltek

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. raised its stake in Eltek by 10.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after buying an additional 1,020 shares during the period. Renaissance Technologies LLC raised its position in shares of Eltek by 1.5% during the second quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock worth $885,000 after purchasing an additional 1,300 shares during the period. Finally, Foundry Partners LLC lifted its holdings in shares of Eltek by 71.3% in the 2nd quarter. Foundry Partners LLC now owns 212,270 shares of the technology company’s stock worth $2,070,000 after purchasing an additional 88,365 shares in the last quarter. Institutional investors own 64.58% of the company’s stock.

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.