Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 57.5% in March

Eltek Ltd. (NASDAQ:ELTK) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 4,500 shares, a decrease of 57.5% from the March 15th total of 10,600 shares. Based on an average daily trading volume, of 14,900 shares, the short-interest ratio is currently 0.3 days. Approximately 0.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp purchased a new position in Eltek in the 4th quarter valued at approximately $405,000. Essex Investment Management Co. LLC acquired a new stake in Eltek in the fourth quarter valued at $99,000. Finally, Yelin Lapidot Holdings Management Ltd. increased its position in shares of Eltek by 206.7% in the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock valued at $2,312,000 after buying an additional 140,868 shares in the last quarter. 64.58% of the stock is owned by hedge funds and other institutional investors.

Eltek Trading Down 2.1 %

Shares of NASDAQ:ELTK traded down $0.18 on Friday, reaching $8.53. 5,033 shares of the company were exchanged, compared to its average volume of 22,832. The company has a 50-day moving average of $9.58 and a 200-day moving average of $10.47. The firm has a market cap of $57.27 million, a price-to-earnings ratio of 10.04 and a beta of 0.58. Eltek has a 1-year low of $7.65 and a 1-year high of $12.47.

Eltek Dividend Announcement

The business also recently announced a — dividend, which will be paid on Tuesday, April 29th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. Eltek’s payout ratio is currently 30.16%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on Eltek in a research note on Monday. They issued a “hold” rating on the stock.

About Eltek

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.