Eltek (NASDAQ:ELTK) Stock Breaks Below 200-Day Moving Average – Time to Sell?

Shares of Eltek Ltd. (NASDAQ:ELTK) crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $8.49 and traded as low as $7.85. Eltek shares last traded at $7.8350, with a volume of 8,153 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Eltek in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

Eltek Stock Performance

The stock’s 50-day moving average price is $8.16 and its 200-day moving average price is $8.48. The company has a market capitalization of $51.98 million, a price-to-earnings ratio of -8.50 and a beta of 0.68.

Eltek (NASDAQ:ELTK) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported ($0.41) earnings per share for the quarter. The firm had revenue of $11.53 million during the quarter. Eltek had a negative return on equity of 13.57% and a negative net margin of 12.66%.

Insider Buying and Selling at Eltek

In other news, insider Gad Dovev sold 4,260 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $8.52, for a total value of $36,295.20. Following the completion of the transaction, the insider owned 500 shares in the company, valued at $4,260. This trade represents a 89.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 72.02% of the stock is currently owned by corporate insiders.

About Eltek

Eltek Ltd. is an Israel-based manufacturer of printed circuit boards (PCBs) for customers that require complex, high-reliability electronic interconnect solutions. The company develops and produces multilayer boards, rigid-flex and flex-rigid boards, high-density interconnect (HDI) boards, radio-frequency and microwave boards, and metal-backed boards.

Eltek’s products are used in a range of applications, including defense and aerospace systems, medical equipment, industrial electronics, telecommunications, and other advanced electronic devices.