Eltek (NASDAQ:ELTK) Stock Passes Below 200 Day Moving Average - Here's Why

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.12 and traded as low as $8.42. Eltek shares last traded at $10.13, with a volume of 278,920 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen started coverage on shares of Eltek in a research note on Friday, May 16th. They set a "hold" rating for the company.

Eltek Price Performance

The company has a market cap of $69.99 million, a PE ratio of 20.45 and a beta of 0.62. The firm has a 50-day simple moving average of $9.72 and a two-hundred day simple moving average of $10.12.

Eltek (NASDAQ:ELTK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 20th. The technology company reported $0.15 EPS for the quarter. The firm had revenue of $12.76 million during the quarter. Eltek had a return on equity of 8.67% and a net margin of 7.34%. Equities research analysts forecast that Eltek Ltd. will post 0.87 EPS for the current year.

Eltek Announces Dividend

The firm also recently disclosed a -- dividend, which was paid on Tuesday, April 29th. Stockholders of record on Tuesday, April 22nd were given a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. Eltek's payout ratio is currently 37.25%.

Hedge Funds Weigh In On Eltek

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Essex Investment Management Co. LLC purchased a new position in Eltek in the fourth quarter valued at about $99,000. Northern Trust Corp purchased a new stake in shares of Eltek during the 4th quarter valued at about $405,000. Finally, Yelin Lapidot Holdings Management Ltd. raised its holdings in shares of Eltek by 30.3% during the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 272,282 shares of the technology company's stock valued at $2,268,000 after buying an additional 63,258 shares during the 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.