Short Interest in Eltek Ltd. (NASDAQ:ELTK) Grows By 34.2%

Eltek Ltd. (NASDAQ:ELTK) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 10,600 shares, an increase of 34.2% from the February 28th total of 7,900 shares. Based on an average daily volume of 16,600 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On Eltek

Institutional investors have recently modified their holdings of the business. Sunbelt Securities Inc. raised its stake in Eltek by 10.9% during the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after acquiring an additional 1,020 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in Eltek in the 4th quarter valued at approximately $99,000. Northern Trust Corp acquired a new stake in Eltek in the fourth quarter valued at approximately $405,000. Finally, Yelin Lapidot Holdings Management Ltd. grew its stake in shares of Eltek by 206.7% during the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock worth $2,312,000 after buying an additional 140,868 shares during the last quarter. Institutional investors and hedge funds own 64.58% of the company’s stock.

Eltek Stock Performance

Shares of NASDAQ ELTK traded down $0.01 during trading hours on Tuesday, hitting $8.33. 338 shares of the stock were exchanged, compared to its average volume of 25,812. The company’s fifty day simple moving average is $10.48 and its two-hundred day simple moving average is $10.73. The company has a market cap of $50.52 million, a PE ratio of 9.79 and a beta of 0.36. Eltek has a 1-year low of $8.05 and a 1-year high of $12.47.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Eltek in a research note on Saturday. They issued a “hold” rating for the company.

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.