Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 7.1% in April

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the recipient of a large drop in short interest during the month of April. As of April 30th, there was short interest totalling 58,500 shares, a drop of 7.1% from the April 15th total of 63,000 shares. Based on an average trading volume of 122,000 shares, the short-interest ratio is presently 0.5 days. Currently, 1.8% of the company's shares are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Eltek from a "buy" rating to a "hold" rating in a research report on Monday, May 13th.

Eltek Stock Performance

NASDAQ ELTK traded down $0.16 on Friday, reaching $10.84. 11,073 shares of the stock traded hands, compared to its average volume of 33,853. Eltek has a 12 month low of $4.60 and a 12 month high of $22.80. The company has a market cap of $65.80 million, a price-to-earnings ratio of 10.13 and a beta of -1.73. The company has a fifty day moving average price of $10.70 and a 200-day moving average price of $13.14.

Eltek (NASDAQ:ELTK - Get Free Report) last issued its earnings results on Monday, March 11th. The technology company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.09). Eltek had a return on equity of 26.20% and a net margin of 13.60%. The business had revenue of $12.32 million for the quarter, compared to the consensus estimate of $12.20 million. As a group, research analysts anticipate that Eltek will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eltek

A number of large investors have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its holdings in 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 last quarter. Jump Financial LLC acquired a new position in Eltek during the 4th quarter valued at about $183,000. Navellier & Associates Inc. purchased a new stake in Eltek in the third quarter valued at about $375,000. Quadrature Capital Ltd acquired a new stake in Eltek in the fourth quarter worth about $377,000. Finally, Foundry Partners LLC purchased a new stake in shares of Eltek during the first quarter worth about $1,380,000. Institutional investors own 64.58% of the company's stock.

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.