Eltek Ltd. (NASDAQ:ELTK) Sees Significant Decline in Short Interest

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 1,718 shares, a drop of 60.3% from the September 15th total of 4,330 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily volume of 2,141 shares, the days-to-cover ratio is currently 0.8 days.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Eltek in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Insider Activity

In related news, insider Gad Dovev sold 4,260 shares of Eltek stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $8.52, for a total transaction of $36,295.20. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at $4,260. The trade was a 89.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 72.02% of the company’s stock.

Eltek Stock Performance

Shares of NASDAQ ELTK traded down $0.24 during mid-day trading on Tuesday, reaching $7.46. The company had a trading volume of 7,867 shares, compared to its average volume of 11,526. Eltek has a twelve month low of $7.00 and a twelve month high of $11.59. The stock’s 50 day moving average is $8.13 and its 200-day moving average is $8.47. The stock has a market capitalization of $50.10 million, a PE ratio of -8.19 and a beta of 0.68.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported ($0.41) earnings per share for the quarter. The business had revenue of $11.53 million for the quarter. Eltek had a negative net margin of 12.66% and a negative return on equity of 13.57%.

Eltek Company Profile

Eltek Ltd. is an Israel-based manufacturer of printed circuit boards (PCBs) for customers that require complex, high-reliability electronic interconnect solutions. The company develops and produces multilayer boards, rigid-flex and flex-rigid boards, high-density interconnect (HDI) boards, radio-frequency and microwave boards, and metal-backed boards.

Eltek’s products are used in a range of applications, including defense and aerospace systems, medical equipment, industrial electronics, telecommunications, and other advanced electronic devices.