Eltek (NASDAQ:ELTK) Stock Passes Above 200-Day Moving Average – Here’s Why

Shares of Eltek Ltd. (NASDAQ:ELTK) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.53 and traded as high as $11.10. Eltek shares last traded at $11.06, with a volume of 10,841 shares trading hands.

Eltek Stock Up 0.4 %

The stock’s 50 day moving average is $10.93 and its two-hundred day moving average is $10.53. The company has a market capitalization of $67.37 million, a PE ratio of 13.06 and a beta of 0.44.

Institutional Trading of Eltek

A number of hedge funds have recently bought and sold shares of the stock. Foundry Partners LLC raised its position 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 acquiring an additional 88,365 shares in the last quarter. Renaissance Technologies LLC grew its stake in Eltek by 1.5% in the second quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock valued at $885,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its holdings in Eltek by 10.9% in the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after purchasing an additional 1,020 shares in the last quarter. 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.