Eltek (NASDAQ:ELTK) Stock Price Crosses Above 200 Day Moving Average of $8.19

Eltek Ltd. (NASDAQ:ELTK) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.19 and traded as high as $9.77. Eltek shares last traded at $9.42, with a volume of 16,748 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Eltek from a “buy” rating to a “strong-buy” rating in a report on Friday.

Eltek Stock Up 0.5 %

The stock has a fifty day moving average of $9.17 and a two-hundred day moving average of $8.19. The stock has a market cap of $55.11 million, a price-to-earnings ratio of 11.78 and a beta of -1.57.

Eltek (NASDAQ:ELTK) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. Eltek had a net margin of 10.81% and a return on equity of 21.42%. The business had revenue of $11.04 million for the quarter, compared to analysts’ expectations of $10.90 million. During the same period in the prior year, the company posted $0.13 EPS. On average, research analysts expect that Eltek Ltd. will post 1.1 EPS for the current year.

Hedge Funds Weigh In On Eltek

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. purchased a new stake in shares of Eltek during the 2nd quarter worth approximately $56,000. Bank of Montreal Can purchased a new stake in shares of Eltek during the 2nd quarter worth approximately $112,000. Heron Bay Capital Management purchased a new stake in shares of Eltek during the 2nd quarter worth approximately $103,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Eltek by 9.9% during the 1st quarter. Renaissance Technologies LLC now owns 62,454 shares of the technology company’s stock worth $259,000 after acquiring an additional 5,631 shares in the last quarter. 2.47% of the stock is owned by institutional investors and hedge funds.

Eltek Company Profile

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 offers high density interconnect, flex-rigid, and multi-layered boards.