Eltek Ltd. (NASDAQ:ELTK) Short Interest Update

Eltek Ltd. (NASDAQ:ELTK) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 36,300 shares, an increase of 44.0% from the August 15th total of 25,200 shares. Based on an average daily volume of 24,700 shares, the short-interest ratio is presently 1.5 days. Approximately 1.1% of the company’s stock are sold short.

Wall Street Analyst Weigh In

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

Eltek Stock Down 0.8 %

Shares of Eltek stock traded down $0.09 on Monday, reaching $10.80. The company’s stock had a trading volume of 628 shares, compared to its average volume of 72,675. Eltek has a 52 week low of $8.04 and a 52 week high of $22.80. The firm’s fifty day simple moving average is $10.29 and its two-hundred day simple moving average is $10.71. The company has a market capitalization of $65.55 million, a price-to-earnings ratio of 10.20 and a beta of 0.43.

Eltek (NASDAQ:ELTK) last released its quarterly earnings data on Thursday, August 15th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.14). The business had revenue of $10.47 million for the quarter, compared to analysts’ expectations of $11.90 million. Eltek had a net margin of 12.85% and a return on equity of 18.75%. During the same period last year, the business earned $0.22 earnings per share. As a group, research analysts predict that Eltek will post 1.02 EPS for the current year.

Institutional Trading of Eltek

Large investors have recently made changes to their positions in the stock. Foundry Partners LLC increased its position in Eltek by 71.3% during the second quarter. Foundry Partners LLC now owns 212,270 shares of the technology company’s stock valued at $2,070,000 after acquiring an additional 88,365 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Eltek by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock valued at $885,000 after purchasing an additional 1,300 shares during the period. Navellier & Associates Inc. grew its stake in shares of Eltek by 106.4% during the 4th 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 during the period. Quadrature Capital Ltd purchased a new stake in shares of Eltek during the 4th quarter valued at about $377,000. Finally, Jump Financial LLC bought a new position in shares of Eltek in the 4th quarter worth approximately $183,000. 64.58% of the stock is currently owned by institutional investors.

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.