Eltek (NASDAQ:ELTK) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

Eltek Ltd. (NASDAQ:ELTK)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.20 and traded as low as $8.42. Eltek shares last traded at $8.5550, with a volume of 10,818 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eltek in a report on Monday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Eltek presently has a consensus rating of “Hold”.

Eltek Price Performance

The firm’s 50 day moving average price is $9.65 and its two-hundred day moving average price is $10.20. The stock has a market cap of $57.49 million, a PE ratio of 50.32 and a beta of 0.65.

Eltek (NASDAQ:ELTK) last released its quarterly earnings data on Tuesday, November 18th. The technology company reported ($0.03) EPS for the quarter. The business had revenue of $13.27 million during the quarter. Eltek had a return on equity of 2.68% and a net margin of 2.35%. Analysts anticipate that Eltek Ltd. will post 0.87 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Eltek stock. CSM Advisors LLC purchased a new stake in shares of Eltek Ltd. (NASDAQ:ELTK) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 96,209 shares of the technology company’s stock, valued at approximately $1,030,000. CSM Advisors LLC owned 1.43% of Eltek as of its most recent SEC filing. 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. It primarily serves medical technology, defense and aerospace, industrial, telecom, and networking equipment industries, as well as contract electronic manufacturers.