Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 62.6% in July

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 2,406 shares, a drop of 62.6% from the July 15th total of 6,438 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 12,340 shares, the short-interest ratio is presently 0.2 days.

Eltek Stock Up 2.4%

Shares of NASDAQ ELTK traded up $0.20 during midday trading on Friday, hitting $8.70. The stock had a trading volume of 295 shares, compared to its average volume of 11,873. The company has a market capitalization of $58.46 million, a PE ratio of -19.33 and a beta of 0.75. The stock has a 50 day simple moving average of $8.89 and a 200-day simple moving average of $8.71. Eltek has a 1 year low of $7.30 and a 1 year high of $11.59.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings results on Wednesday, May 20th. The technology company reported ($0.42) EPS for the quarter. Eltek had a negative return on equity of 6.69% and a negative net margin of 6.12%.The firm had revenue of $10.44 million for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Eltek from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, June 12th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

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. It primarily serves medical technology, defense and aerospace, industrial, telecom, and networking equipment industries, as well as contract electronic manufacturers.