Short Interest in Eltek Ltd. (NASDAQ:ELTK) Decreases By 31.9%

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 7,900 shares, a drop of 31.9% from the February 13th total of 11,600 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average daily volume of 18,700 shares, the short-interest ratio is presently 0.4 days.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Eltek in a report on Thursday. They issued a “hold” rating for the company.

Eltek Price Performance

Shares of ELTK stock traded down $0.01 on Monday, hitting $8.50. 7,211 shares of the stock traded hands, compared to its average volume of 15,467. The company has a market capitalization of $51.56 million, a PE ratio of 9.99 and a beta of 0.36. The company’s fifty day moving average is $11.03 and its 200 day moving average is $10.90. Eltek has a 1-year low of $8.05 and a 1-year high of $12.47.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Essex Investment Management Co. LLC acquired a new stake in Eltek during the fourth quarter worth about $99,000. Sunbelt Securities Inc. raised its position in shares of Eltek by 10.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after purchasing an additional 1,020 shares during the period. Northern Trust Corp acquired a new stake in shares of Eltek during the 4th quarter worth approximately $405,000. Yelin Lapidot Holdings Management Ltd. boosted its position in Eltek by 206.7% during the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock valued at $2,312,000 after purchasing an additional 140,868 shares during the period. Finally, Foundry Partners LLC grew its stake in Eltek by 14.2% during the 3rd quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock worth $2,645,000 after buying an additional 30,200 shares during the last quarter. 64.58% of the stock is currently owned by institutional investors.

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.