Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 32.2% in August

Key Points

• Eltek Ltd. saw a significant decline in short interest of 32.2% in August, with total short interest decreasing to 5,900 shares.
• Institutional investors hold 64.58% of Eltek's stock, with notable recent acquisitions including a 30.3% increase by Yelin Lapidot Holdings Management Ltd.
• Eltek's stock opened at $10.21 and has a market capitalization of $68.61 million, with a recent earnings per share of $0.05.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 5,900 shares, a decline of 32.2% from the August 15th total of 8,700 shares. Currently, 0.2% of the company's shares are short sold. Based on an average daily volume of 18,600 shares, the short-interest ratio is presently 0.3 days. Based on an average daily volume of 18,600 shares, the short-interest ratio is presently 0.3 days. Currently, 0.2% of the company's shares are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Yelin Lapidot Holdings Management Ltd. boosted its holdings in Eltek by 30.3% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 272,282 shares of the technology company's stock worth $2,268,000 after purchasing an additional 63,258 shares during the last quarter. CSM Advisors LLC purchased a new position in Eltek during the second quarter worth about $1,030,000. Finally, Northern Trust Corp purchased a new position in Eltek during the fourth quarter worth about $405,000. 64.58% of the stock is currently owned by hedge funds and other institutional investors.

Eltek Price Performance

NASDAQ ELTK traded up $0.19 during mid-day trading on Friday, reaching $10.50. 5,280 shares of the stock were exchanged, compared to its average volume of 7,543. The stock has a 50 day simple moving average of $10.25 and a 200-day simple moving average of $9.75. The stock has a market cap of $70.56 million, a P/E ratio of 23.33 and a beta of 0.55. Eltek has a one year low of $7.65 and a one year high of $12.19.

Eltek (NASDAQ:ELTK - Get Free Report) last posted its earnings results on Thursday, August 14th. The technology company reported $0.05 EPS for the quarter. The company had revenue of $12.53 million during the quarter. Eltek had a net margin of 6.26% and a return on equity of 7.40%. Sell-side analysts anticipate that Eltek will post 0.87 EPS for the current fiscal year.

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.