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

Eltek Ltd. (NASDAQ:ELTK) 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:ELTK) 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.

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.