Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 35.9% in May

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the recipient of a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 8,200 shares, a decline of 35.9% from the May 15th total of 12,800 shares. Currently, 0.3% of the company's shares are short sold. Based on an average daily volume of 17,000 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

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

Eltek Stock Performance

NASDAQ ELTK traded up $0.16 during trading on Monday, hitting $10.31. The stock had a trading volume of 23,668 shares, compared to its average volume of 19,837. The company's 50-day moving average price is $9.42 and its two-hundred day moving average price is $10.15. Eltek has a 12 month low of $7.65 and a 12 month high of $12.00. The company has a market capitalization of $69.19 million, a PE ratio of 12.12 and a beta of 0.62.

Eltek (NASDAQ:ELTK - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The technology company reported $0.15 earnings per share for the quarter. Eltek had a net margin of 11.51% and a return on equity of 15.49%. The firm had revenue of $12.76 million for the quarter. As a group, equities analysts anticipate that Eltek will post 0.87 earnings per share for the current fiscal year.

Eltek Announces Dividend

The business also recently declared a -- dividend, which was paid on Tuesday, April 29th. Investors of record on Tuesday, April 22nd were paid a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. Eltek's dividend payout ratio (DPR) is currently 37.25%.

Hedge Funds Weigh In On Eltek

Several hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC acquired a new position in Eltek during the fourth quarter worth about $99,000. Northern Trust Corp bought a new position in shares of Eltek during the fourth quarter worth about $405,000. Finally, Yelin Lapidot Holdings Management Ltd. boosted its stake in shares of Eltek by 30.3% in 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 purchasing an additional 63,258 shares during the last quarter. 64.58% of the stock is owned by institutional investors.

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.