Short Interest in Eltek Ltd. (NASDAQ:ELTK) Drops By 35.3%

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant drop in short interest in the month of May. As of May 29th, there was short interest totaling 2,542 shares, a drop of 35.3% from the May 14th total of 3,928 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 10,056 shares, the days-to-cover ratio is presently 0.3 days.

Eltek Stock Performance

Shares of ELTK stock traded down $0.33 during trading on Tuesday, hitting $9.34. 12,000 shares of the company were exchanged, compared to its average volume of 13,152. The firm has a market capitalization of $62.79 million, a price-to-earnings ratio of -20.59 and a beta of 0.75. The business’s 50-day simple moving average is $8.54 and its 200 day simple moving average is $8.73. Eltek has a twelve month low of $7.30 and a twelve month high of $12.19.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Eltek from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock 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.