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

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 4,918 shares, an increase of 174.4% from the December 15th total of 1,792 shares. Based on an average daily trading volume, of 8,752 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.3% of the shares of the stock are short sold. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 8,752 shares, the days-to-cover ratio is presently 0.6 days.

Institutional Trading of Eltek

A hedge fund recently bought a new stake in Eltek stock. CSM Advisors LLC acquired a new position in Eltek Ltd. (NASDAQ:ELTK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 96,209 shares of the technology company’s stock, valued at approximately $1,030,000. CSM Advisors LLC owned approximately 1.43% of Eltek at the end of the most recent quarter. 64.58% of the stock is owned by hedge funds and other institutional investors.

Eltek Stock Up 5.0%

NASDAQ ELTK traded up $0.44 on Thursday, hitting $9.26. The company’s stock had a trading volume of 533 shares, compared to its average volume of 4,403. The company’s 50-day moving average is $9.20 and its 200 day moving average is $10.09. The firm has a market cap of $62.25 million, a PE ratio of 54.38 and a beta of 0.65. Eltek has a 1-year low of $7.65 and a 1-year high of $12.19.

Eltek (NASDAQ:ELTK) last issued its quarterly earnings data on Tuesday, November 18th. The technology company reported ($0.03) earnings per share for the quarter. The business had revenue of $13.27 million during the quarter. Eltek had a return on equity of 2.68% and a net margin of 2.35%. On average, equities analysts expect that Eltek will post 0.87 EPS for the current year.

Analyst Ratings Changes

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

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