Short Interest in Eltek Ltd. (NASDAQ:ELTK) Drops By 7.1%

Eltek Ltd. (NASDAQ:ELTK) saw a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 58,500 shares, a decline of 7.1% from the April 15th total of 63,000 shares. Currently, 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 122,000 shares, the days-to-cover ratio is currently 0.5 days.

Eltek Price Performance

Shares of NASDAQ:ELTK opened at $10.84 on Friday. Eltek has a one year low of $4.60 and a one year high of $22.80. The company has a 50 day moving average of $10.70 and a 200-day moving average of $13.14. The stock has a market cap of $65.80 million, a price-to-earnings ratio of 10.13 and a beta of -1.73.

Eltek (NASDAQ:ELTK) last released its quarterly earnings data on Monday, March 11th. The technology company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.09). Eltek had a return on equity of 26.20% and a net margin of 13.60%. The firm had revenue of $12.32 million for the quarter, compared to the consensus estimate of $12.20 million. Equities research analysts anticipate that Eltek will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Eltek from a “buy” rating to a “hold” rating in a research report on Monday, May 13th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sunbelt Securities Inc. lifted its stake in Eltek by 46.6% in the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after buying an additional 2,945 shares in the last quarter. Jump Financial LLC bought a new position in Eltek in the fourth quarter valued at approximately $183,000. Quadrature Capital Ltd bought a new position in Eltek in the fourth quarter valued at approximately $377,000. Navellier & Associates Inc. bought a new position in Eltek in the third quarter valued at approximately $375,000. Finally, Foundry Partners LLC bought a new position in Eltek in the first quarter valued at approximately $1,380,000. Institutional investors own 64.58% of the company’s stock.

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.