Eltek (NASDAQ:ELTK) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• Eltek Ltd. shares have recently crossed above their 200-day moving average, currently trading at $11.25.
• Analysts maintain a "hold" rating, with one analyst specifically reiterating this stance as institutional investors increase their stakes in the company.
• Eltek reported earnings of $0.05 per share for the last quarter, with projected earnings expected to rise to $0.87 per share in the current fiscal year.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.91 and traded as high as $11.29. Eltek shares last traded at $11.25, with a volume of 3,862 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "hold (c-)" rating on shares of Eltek in a research report on Wednesday. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Eltek presently has an average rating of "Hold".

Eltek Stock Down 0.4%

The company has a 50 day moving average of $10.42 and a two-hundred day moving average of $9.91. The firm has a market cap of $75.60 million, a P/E ratio of 25.00 and a beta of 0.52.

Eltek (NASDAQ:ELTK - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The technology company reported $0.05 earnings per share for the quarter. The company had revenue of $12.53 million during the quarter. Eltek had a net margin of 6.26% and a return on equity of 7.40%. Research analysts expect that Eltek Ltd. will post 0.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Eltek stock. Yelin Lapidot Holdings Management Ltd. lifted its stake in shares of Eltek Ltd. (NASDAQ:ELTK - Free Report) by 30.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 272,282 shares of the technology company's stock after acquiring an additional 63,258 shares during the quarter. Yelin Lapidot Holdings Management Ltd. owned 4.06% of Eltek worth $2,268,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.

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