Eltek Ltd. (NASDAQ:ELTK) Short Interest Update

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totaling 8,700 shares, adecreaseof42.8% from the July 31st total of 15,200 shares. Based on an average daily volume of 19,600 shares, the short-interest ratio is currently 0.4 days. Currently,0.3% of the shares of the stock are sold short. Currently,0.3% of the shares of the stock are sold short. Based on an average daily volume of 19,600 shares, the short-interest ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen initiated coverage on shares of Eltek in a research note on Friday, May 16th. They set a “hold” rating for the company.

Eltek Stock Performance

Shares of NASDAQ:ELTK opened at $10.09 on Monday. The company has a market cap of $67.80 million, a PE ratio of 22.42 and a beta of 0.55. Eltek has a 52 week low of $7.65 and a 52 week high of $12.19. The firm has a 50 day simple moving average of $10.29 and a 200 day simple moving average of $9.81.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings results on Thursday, August 14th. The technology company reported $0.05 EPS for the quarter. The business had revenue of $12.53 million during the quarter. Eltek had a net margin of 6.26% and a return on equity of 7.40%. On average, equities analysts predict that Eltek will post 0.87 earnings per share for the current year.

Institutional Investors Weigh In On Eltek

Several hedge funds have recently made changes to their positions in the company. CSM Advisors LLC purchased a new stake in shares of Eltek in the 2nd quarter valued at approximately $1,030,000. Yelin Lapidot Holdings Management Ltd. lifted its position in Eltek by 30.3% in the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 272,282 shares of the technology company’s stock worth $2,268,000 after buying an additional 63,258 shares in the last quarter. Finally, Northern Trust Corp purchased a new stake in Eltek in the 4th quarter worth approximately $405,000. Hedge funds and other institutional investors own 64.58% of the company’s stock.

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.