Eltek (NASDAQ:ELTK) Stock Passes Above 200 Day Moving Average – What’s Next?

Shares of Eltek Ltd. (NASDAQ:ELTK) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.62 and traded as high as $11.35. Eltek shares last traded at $11.35, with a volume of 6,219 shares.

Eltek Stock Performance

The stock has a market cap of $68.89 million, a price-to-earnings ratio of 13.35 and a beta of 0.45. The company’s 50 day simple moving average is $11.03 and its 200 day simple moving average is $10.62.

Institutional Investors Weigh In On Eltek

A number of institutional investors have recently added to or reduced their stakes in ELTK. Sunbelt Securities Inc. raised its stake in shares of Eltek by 10.9% in 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 in the last quarter. Renaissance Technologies LLC lifted its holdings in Eltek by 1.5% in the 2nd 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 last quarter. Finally, Foundry Partners LLC boosted its position in shares of Eltek by 14.2% during the 3rd quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock valued at $2,645,000 after purchasing an additional 30,200 shares in the last quarter. 64.58% of the stock is currently owned by institutional investors and hedge funds.

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.