Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 31.9% in February

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 7,900 shares, a decline of 31.9% from the February 13th total of 11,600 shares. Based on an average daily trading volume, of 18,700 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.3% of the company’s stock are sold short.

Hedge Funds Weigh In On Eltek

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELTK. Essex Investment Management Co. LLC acquired a new stake in shares of Eltek in the fourth quarter valued at approximately $99,000. Sunbelt Securities Inc. raised its position in Eltek by 10.9% in the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after acquiring an additional 1,020 shares in the last quarter. Northern Trust Corp purchased a new position in Eltek in the fourth quarter worth $405,000. Yelin Lapidot Holdings Management Ltd. raised its position in Eltek by 206.7% in the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock worth $2,312,000 after acquiring an additional 140,868 shares in the last quarter. Finally, Foundry Partners LLC raised its position in Eltek by 14.2% in the third quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock worth $2,645,000 after acquiring an additional 30,200 shares in the last quarter. 64.58% of the stock is owned by institutional investors and hedge funds.

Eltek Price Performance

Shares of Eltek stock traded up $0.12 on Friday, reaching $8.50. 5,981 shares of the company were exchanged, compared to its average volume of 15,655. Eltek has a 1-year low of $8.05 and a 1-year high of $12.47. The company has a market cap of $51.59 million, a P/E ratio of 10.00 and a beta of 0.36. The stock’s 50 day moving average price is $11.03 and its 200-day moving average price is $10.90.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on Eltek in a research report on Thursday. They set a “hold” rating for the company.

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.