Short Interest in Eltek Ltd. (NASDAQ:ELTK) Increases By 34.2%

Eltek Ltd. (NASDAQ:ELTK) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 10,600 shares, a growth of 34.2% from the February 28th total of 7,900 shares. Based on an average daily volume of 16,600 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.3% of the company’s shares are short sold.

Eltek Price Performance

Shares of ELTK stock traded down $0.23 on Monday, hitting $8.26. The stock had a trading volume of 7,004 shares, compared to its average volume of 25,910. The company’s 50 day moving average price is $10.53 and its 200-day moving average price is $10.75. Eltek has a 1 year low of $8.05 and a 1 year high of $12.47. The firm has a market capitalization of $50.13 million, a P/E ratio of 9.72 and a beta of 0.36.

Institutional Trading of Eltek

Several hedge funds have recently made changes to their positions in the business. Yelin Lapidot Holdings Management Ltd. grew its stake 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 worth $2,312,000 after purchasing an additional 140,868 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Eltek by 10.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock valued at $113,000 after acquiring an additional 1,020 shares during the last quarter. Essex Investment Management Co. LLC purchased a new stake in Eltek during the fourth quarter worth approximately $99,000. Finally, Northern Trust Corp acquired a new position in Eltek in the fourth quarter valued at approximately $405,000. Institutional investors and hedge funds own 64.58% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of Eltek in a report on Saturday. They issued a “hold” rating on the 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.