Eltek Ltd. (NASDAQ:ELTK) Short Interest Update

Eltek Ltd. (NASDAQ:ELTK) saw a significant increase in short interest in the month of 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. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 24,700 shares, the short-interest ratio is currently 1.5 days.

Eltek Price Performance

NASDAQ:ELTK traded down $0.09 during trading hours on Monday, hitting $10.80. The company had a trading volume of 628 shares, compared to its average volume of 72,675. The stock has a 50-day moving average price of $10.29 and a 200 day moving average price of $10.71. The company has a market capitalization of $65.55 million, a PE ratio of 10.20 and a beta of 0.43. Eltek has a 52 week low of $8.04 and a 52 week high of $22.80.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its position in 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 acquiring an additional 1,300 shares during the period. Sunbelt Securities Inc. boosted 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 purchasing an additional 2,945 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Eltek in the 4th quarter worth approximately $183,000. Quadrature Capital Ltd bought a new position in Eltek during the 4th quarter valued at approximately $377,000. Finally, 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 buying an additional 42,178 shares during the last quarter. Hedge funds and other institutional investors own 64.58% of the company’s stock.

Eltek Company Profile

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.