Eltek Ltd. (NASDAQ:ELTK) Sees Large Growth in Short Interest

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large growth in short interest in June. As of June 15th, there was short interest totaling 8,002 shares, a growth of 214.8% from the May 31st total of 2,542 shares. Based on an average daily trading volume, of 9,238 shares, the short-interest ratio is currently 0.9 days. Currently, 0.4% of the shares of the stock are sold short.

Eltek Trading Down 4.0%

NASDAQ:ELTK traded down $0.37 during trading hours on Monday, hitting $8.93. 876 shares of the stock were exchanged, compared to its average volume of 12,483. Eltek has a 52-week low of $7.30 and a 52-week high of $11.69. The firm’s fifty day moving average price is $8.75 and its 200 day moving average price is $8.75. The company has a market cap of $60.02 million, a P/E ratio of -19.85 and a beta of 0.75.

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

Wall Street Analysts Forecast Growth

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

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.