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

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totaling 3,340 shares, a decrease of 32.1% from the December 31st total of 4,918 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily volume of 4,527 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily volume of 4,527 shares, the days-to-cover ratio is currently 0.7 days. Approximately 0.2% of the company’s shares are short sold.

Institutional Investors Weigh In On Eltek

A hedge fund recently bought a new stake in Eltek stock. CSM Advisors LLC bought a new position in Eltek Ltd. (NASDAQ:ELTK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 96,209 shares of the technology company’s stock, valued at approximately $1,030,000. CSM Advisors LLC owned 1.43% of Eltek at the end of the most recent quarter. 64.58% of the stock is currently owned by institutional investors and hedge funds.

Eltek Trading Down 2.1%

Shares of NASDAQ ELTK traded down $0.19 during mid-day trading on Friday, reaching $8.76. 5,884 shares of the company’s stock were exchanged, compared to its average volume of 3,125. Eltek has a twelve month low of $7.65 and a twelve month high of $12.19. The firm has a market capitalization of $58.87 million, a price-to-earnings ratio of 51.53 and a beta of 0.65. The business has a fifty day simple moving average of $8.87 and a 200 day simple moving average of $9.98.

Eltek (NASDAQ:ELTK) last posted its earnings results on Tuesday, November 18th. The technology company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $13.27 million for the quarter. Eltek had a return on equity of 2.68% and a net margin of 2.35%. Equities research analysts predict that Eltek will post 0.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Eltek in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

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