Short Interest in Eltek Ltd. (NASDAQ:ELTK) Grows By 77.0%

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) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 17,700 shares, anincreaseof77.0% from the June 30th total of 10,000 shares. Based on an average daily trading volume, of 23,100 shares, the days-to-cover ratio is currently 0.8 days. Currently,0.6% of the shares of the company are sold short. Currently,0.6% of the shares of the company are sold short. Based on an average daily trading volume, of 23,100 shares, the days-to-cover ratio is currently 0.8 days.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northern Trust Corp bought a new stake in shares of Eltek during the fourth quarter valued at approximately $405,000. Yelin Lapidot Holdings Management Ltd. raised its stake in Eltek by 30.3% during the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 272,282 shares of the technology company's stock valued at $2,268,000 after acquiring an additional 63,258 shares in the last quarter. Finally, CSM Advisors LLC acquired a new position in Eltek during the 2nd quarter worth $1,030,000. 64.58% of the stock is owned by institutional investors and hedge funds.

Eltek Stock Performance

Shares of Eltek stock traded up $0.10 on Friday, reaching $10.24. 2,201 shares of the company were exchanged, compared to its average volume of 12,121. Eltek has a 1-year low of $7.65 and a 1-year high of $12.19. The firm has a market cap of $68.75 million, a price-to-earnings ratio of 20.08 and a beta of 0.61. The company's 50-day moving average is $10.29 and its two-hundred day moving average is $9.97.

Eltek (NASDAQ:ELTK - Get Free Report) last posted its earnings results on Tuesday, May 20th. The technology company reported $0.15 earnings per share (EPS) for the quarter. The company had revenue of $12.76 million for the quarter. Eltek had a return on equity of 8.67% and a net margin of 7.34%. As a group, sell-side analysts forecast that Eltek will post 0.87 earnings per share 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.