Eltek Ltd. (NASDAQ:ELTK) Sees Large Growth in Short Interest

Key Points

• Eltek’s short interest surged 73.3% to 4,330 shares as of September 15, although short interest represented only about 0.2% of outstanding shares and equated to 0.2 days of average trading volume.
• Analyst sentiment remained negative: Weiss Ratings reiterated a “sell (d+)” rating, and MarketBeat reported an average rating of “Sell.”
• Insider Gad Dovev sold 4,260 shares for approximately $36,295, reducing his position by 89.5%. Eltek shares opened at $7.83, while the company recently reported a quarterly loss of $0.41 per share on $11.53 million in revenue.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 4,330 shares, a growth of 73.3% from the August 31st total of 2,499 shares. Based on an average daily volume of 26,691 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.2% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d+)" rating on shares of Eltek in a report on Wednesday, September 9th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of "Sell".

Insider Transactions at Eltek

In related news, insider Gad Dovev sold 4,260 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $8.52, for a total transaction of $36,295.20. Following the completion of the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $4,260. This represents a 89.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 72.02% of the company's stock.

Eltek Trading Down 3.9%

Shares of Eltek stock opened at $7.83 on Wednesday. The company has a 50 day moving average of $8.29 and a 200-day moving average of $8.55. The company has a market cap of $52.65 million, a PE ratio of -8.61 and a beta of 0.74. Eltek has a 1-year low of $7.30 and a 1-year high of $11.59.

Eltek (NASDAQ:ELTK - Get Free Report) last released its quarterly earnings data on Tuesday, August 18th. The technology company reported ($0.41) earnings per share (EPS) for the quarter. The company had revenue of $11.53 million for the quarter. Eltek had a negative return on equity of 13.57% and a negative net margin of 12.66%.

About Eltek

Eltek Ltd. is an Israel-based manufacturer of printed circuit boards (PCBs) for applications that require advanced design, reliability, and performance. The company produces rigid multilayer, flexible, rigid-flexible, and high-density interconnect circuit boards, as well as prototype and quick-turn products.

Eltek serves customers in industries including aerospace and defense, medical equipment, industrial systems, communications, automotive, and other technology markets. Its products are used in electronic systems that may require complex interconnections, compact designs, and resistance to demanding operating conditions.

Founded in 1970 and headquartered in Petah Tikva, Israel, Eltek sells its products in Israel and international markets, including North America, Europe, and Asia.

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