Short Interest in Eltek Ltd. (NASDAQ:ELTK) Expands By 44.0%

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 36,300 shares, a growth of 44.0% from the August 15th total of 25,200 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily volume of 24,700 shares, the short-interest ratio is currently 1.5 days.

Institutional Trading of Eltek

Several large investors have recently added to or reduced their stakes in ELTK. Renaissance Technologies LLC boosted its position in shares of Eltek by 1.5% in the second quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock worth $885,000 after purchasing an additional 1,300 shares during the period. Sunbelt Securities Inc. boosted its position in shares of Eltek by 46.6% in the first quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,945 shares during the period. Jump Financial LLC bought a new position in shares of Eltek in the fourth quarter worth approximately $183,000. Quadrature Capital Ltd bought a new position in shares of Eltek in the fourth quarter worth approximately $377,000. Finally, Navellier & Associates Inc. boosted its position in shares of Eltek by 106.4% in the fourth quarter. Navellier & Associates Inc. now owns 81,828 shares of the technology company’s stock worth $1,142,000 after purchasing an additional 42,178 shares during the period. 64.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Eltek from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd.

Eltek Stock Performance

Shares of NASDAQ ELTK opened at $10.89 on Monday. The firm has a 50 day moving average of $10.29 and a 200 day moving average of $10.71. The firm has a market capitalization of $66.09 million, a price-to-earnings ratio of 10.18 and a beta of 0.43. Eltek has a 12-month low of $8.02 and a 12-month high of $22.80.

Eltek (NASDAQ:ELTK) last announced its earnings results on Thursday, August 15th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.14). The business had revenue of $10.47 million for the quarter, compared to the consensus estimate of $11.90 million. Eltek had a net margin of 12.85% and a return on equity of 18.75%. During the same quarter last year, the firm posted $0.22 earnings per share. Sell-side analysts predict that Eltek will post 1.02 EPS for the current year.

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.