Eltek (NASDAQ:ELTK) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Eltek Ltd. (NASDAQ:ELTK) shares rose above their 200-day moving average of $9.99, reaching a high of $10.40 before trading at $10.02.
• Wall Street Zen has initiated coverage on Eltek with a "hold" rating as of May 16th, indicating a cautious outlook on the stock.
• An institutional investor increased its stake in Eltek by 30.3%, owning approximately 272,282 shares valued at around $2.27 million, highlighting investor interest in the company.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $9.99 and traded as high as $10.40. Eltek shares last traded at $10.02, with a volume of 5,186 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen assumed coverage on shares of Eltek in a report on Friday, May 16th. They issued a "hold" rating on the stock.

Eltek Stock Performance

The stock has a market cap of $68.04 million, a PE ratio of 19.88 and a beta of 0.61. The company's 50 day simple moving average is $10.29 and its 200 day simple moving average is $9.98.

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 net margin of 7.34% and a return on equity of 8.67%. Equities research analysts expect that Eltek Ltd. will post 0.87 earnings per share for the current year.

Institutional Investors Weigh In On Eltek

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Yelin Lapidot Holdings Management Ltd. increased its stake in Eltek by 30.3% in 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 last quarter. CSM Advisors LLC purchased a new stake in Eltek in the 2nd quarter valued at about $1,030,000. Finally, Northern Trust Corp purchased a new stake in Eltek in the 4th quarter valued at about $405,000. Hedge funds and other institutional investors 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.