Eltek Ltd. (NASDAQ:ELTK) Short Interest Update

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 16,100 shares, a decrease of 7.5% from the July 15th total of 17,400 shares. Approximately 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 25,800 shares, the days-to-cover ratio is presently 0.6 days.

Eltek Price Performance

Shares of NASDAQ ELTK opened at $9.94 on Monday. Eltek has a one year low of $7.37 and a one year high of $22.80. The business’s 50-day moving average price is $10.06 and its two-hundred day moving average price is $11.52. The company has a market capitalization of $60.33 million, a P/E ratio of 9.29 and a beta of 0.32.

Eltek (NASDAQ:ELTK) last announced its quarterly 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). The firm had revenue of $10.47 million during the quarter, compared to the consensus estimate of $11.90 million. Eltek had a net margin of 13.89% and a return on equity of 23.18%. During the same period in the previous year, the firm posted $0.22 EPS. On average, equities analysts anticipate that Eltek will post 1.09 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ELTK. Sunbelt Securities Inc. boosted its holdings in Eltek by 46.6% in the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,945 shares in the last quarter. Jump Financial LLC bought a new stake in Eltek during the fourth quarter worth approximately $183,000. Quadrature Capital Ltd acquired a new position in Eltek during the fourth quarter valued at approximately $377,000. Renaissance Technologies LLC raised its position in shares of Eltek by 1.5% in the second 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. Finally, Navellier & Associates Inc. raised its position in shares of Eltek by 106.4% in 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 during the period. Institutional investors own 64.58% of the company’s stock.

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.