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

Key Points

• Eltek Ltd. experienced a significant increase in short interest, rising by 77.0% from June to July, with total short interest reaching 17,700 shares.
• The company's recent earnings report showed an EPS of $0.15 and revenue of $12.76 million, while analysts forecast an EPS of 0.87 for the current year.
• Institutional ownership of Eltek stands at 64.58%, with Northern Trust Corp recently acquiring a stake valued at approximately $405,000.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 17,700 shares, agrowthof77.0% from the June 30th total of 10,000 shares. Based on an average daily trading volume, of 23,100 shares, the short-interest ratio is presently 0.8 days. Approximately0.6% of the shares of the company are short sold. Approximately0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 23,100 shares, the short-interest ratio is presently 0.8 days.

Eltek Stock Performance

NASDAQ ELTK traded up $0.20 on Friday, hitting $10.34. 490 shares of the stock traded hands, compared to its average volume of 17,385. The firm has a market capitalization of $69.35 million, a price-to-earnings ratio of 20.27 and a beta of 0.61. The business's fifty day moving average is $10.29 and its two-hundred day moving average is $9.98. Eltek has a 12 month low of $7.65 and a 12 month high of $12.19.

Eltek (NASDAQ:ELTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The technology company reported $0.15 EPS for the quarter. The business had revenue of $12.76 million for the quarter. Eltek had a net margin of 7.34% and a return on equity of 8.67%. Analysts expect that Eltek will post 0.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen assumed coverage on shares of Eltek in a research report on Friday, May 16th. They set a "hold" rating for the company.

Hedge Funds Weigh In On Eltek

Large investors have recently made changes to their positions in the stock. Northern Trust Corp purchased a new stake in Eltek during the 4th quarter worth about $405,000. Yelin Lapidot Holdings Management Ltd. increased its position in shares of Eltek by 30.3% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 272,282 shares of the technology company's stock valued at $2,268,000 after buying an additional 63,258 shares during the period. Finally, CSM Advisors LLC purchased a new stake in shares of Eltek in the second quarter worth about $1,030,000. 64.58% of the stock is owned by institutional investors.

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.