Short Interest in Eltek Ltd. (NASDAQ:ELTK) Drops By 31.8%

Key Points

• Short interest in Eltek fell by 31.8% in April to 3,182 shares, equal to about 0.2% of the stock and a days-to-cover ratio of 1.0 based on average daily volume.
• Shares traded at $8.40 mid-day with a market cap of $56.45 million and a 52-week range of $7.73–$12.19, and trading was thin (331 shares vs. an average volume of 14,687).
• Weiss Ratings downgraded Eltek to a "sell (d+)" and MarketBeat shows a consensus "Sell"; the company reported a (loss) EPS of $0.05 and quarterly revenue of $13.24 million.

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the target of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 3,182 shares, a drop of 31.8% from the March 31st total of 4,667 shares. Currently, 0.2% of the company's stock are sold short. Based on an average daily trading volume, of 3,163 shares, the days-to-cover ratio is currently 1.0 days.

Eltek Stock Performance

Shares of NASDAQ:ELTK traded down $0.48 during mid-day trading on Tuesday, hitting $8.40. 331 shares of the company traded hands, compared to its average volume of 14,687. Eltek has a 52-week low of $7.73 and a 52-week high of $12.19. The firm's 50 day simple moving average is $8.59 and its 200 day simple moving average is $9.19. The firm has a market cap of $56.45 million, a P/E ratio of 70.01 and a beta of 0.70.

Eltek (NASDAQ:ELTK - Get Free Report) last posted its quarterly earnings data on Monday, March 9th. The technology company reported ($0.05) earnings per share (EPS) for the quarter. Eltek had a return on equity of 1.85% and a net margin of 1.59%.The business had revenue of $13.24 million for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Eltek from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Eltek has a consensus rating of "Sell".

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. It primarily serves medical technology, defense and aerospace, industrial, telecom, and networking equipment industries, as well as contract electronic manufacturers.

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