Short Interest in Eltek Ltd. (NASDAQ:ELTK) Declines By 7.5%

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

Institutional Investors Weigh In On Eltek

Large investors have recently made changes to their positions in the business. Sunbelt Securities Inc. grew its position in shares of Eltek by 46.6% in the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after buying an additional 2,945 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Eltek in the 4th quarter worth approximately $183,000. Quadrature Capital Ltd purchased a new position in shares of Eltek in the 4th quarter valued at approximately $377,000. Renaissance Technologies LLC lifted its stake in shares of Eltek by 1.5% in 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. Finally, Navellier & Associates Inc. lifted its stake in shares of Eltek by 106.4% in 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. 64.58% of the stock is currently owned by institutional investors.

Eltek Price Performance

ELTK opened at $9.99 on Wednesday. The stock’s 50 day simple moving average is $10.02 and its 200 day simple moving average is $11.39. Eltek has a 1 year low of $8.00 and a 1 year high of $22.80. The firm has a market cap of $60.63 million, a price-to-earnings ratio of 9.34 and a beta of 0.32.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings data on Thursday, August 15th. The technology company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.14). The business had revenue of $10.47 million during the quarter, compared to the consensus estimate of $11.90 million. Eltek had a return on equity of 23.18% and a net margin of 13.89%. During the same quarter in the prior year, the business posted $0.22 earnings per share. As a group, sell-side analysts anticipate that Eltek will post 1.09 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Eltek from a “buy” rating to a “hold” rating in a research 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.