Short Interest in Eltek Ltd. (NASDAQ:ELTK) Expands By 44.0%

Eltek Ltd. (NASDAQ:ELTKGet Free Report) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 36,300 shares, a growth of 44.0% from the August 15th total of 25,200 shares. Based on an average daily trading volume, of 24,700 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.1% of the shares of the stock are sold short.

Institutional Investors Weigh In On Eltek

A number of hedge funds have recently bought and sold shares of ELTK. Foundry Partners LLC purchased a new stake in Eltek during the first quarter valued at $1,380,000. Navellier & Associates Inc. raised its stake in Eltek by 106.4% during the fourth quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock valued at $1,142,000 after purchasing an additional 42,178 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Eltek during the fourth quarter valued at $377,000. Jump Financial LLC purchased a new stake in Eltek during the fourth quarter valued at $183,000. Finally, Sunbelt Securities Inc. raised its stake in Eltek by 46.6% during the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after purchasing an additional 2,945 shares in the last quarter. Hedge funds and other institutional investors own 64.58% of the company’s stock.

Eltek Stock Performance

ELTK stock opened at $10.89 on Monday. Eltek has a one year low of $8.02 and a one year high of $22.80. The company’s fifty day moving average price is $10.29 and its 200-day moving average price is $10.71. The company has a market capitalization of $66.09 million, a PE ratio of 10.18 and a beta of 0.43.

Eltek (NASDAQ:ELTKGet Free Report) last released its earnings results on Thursday, August 15th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.14). Eltek had a return on equity of 18.75% and a net margin of 12.85%. The company had revenue of $10.47 million during the quarter, compared to analysts’ expectations of $11.90 million. During the same period last year, the firm posted $0.22 EPS. On average, research analysts predict that Eltek will post 1.02 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Eltek from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd.

Check Out Our Latest Stock Analysis on ELTK

About Eltek

(Get Free Report)

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.

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