Eltek Ltd. (NASDAQ:ELTK) Sees Significant Increase in Short Interest

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totalling 27,100 shares, a growth of 29.7% from the September 30th total of 20,900 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average trading volume of 25,900 shares, the short-interest ratio is presently 1.0 days.

Institutional Investors Weigh In On Eltek

A number of hedge funds and other institutional investors have recently bought and sold shares of ELTK. Renaissance Technologies LLC boosted its position in shares of Eltek by 1.5% in the 2nd quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock worth $885,000 after purchasing an additional 1,300 shares in the last quarter. Foundry Partners LLC raised its stake in Eltek by 71.3% during the second quarter. Foundry Partners LLC now owns 212,270 shares of the technology company’s stock valued at $2,070,000 after buying an additional 88,365 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted 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 acquiring an additional 2,945 shares in the last quarter. Hedge funds and other institutional investors own 64.58% of the company’s stock.

Eltek Stock Up 1.1 %

ELTK opened at $10.67 on Wednesday. Eltek has a 52 week low of $9.00 and a 52 week high of $22.80. The stock has a market cap of $64.76 million, a PE ratio of 10.99 and a beta of 0.44. The business has a 50 day moving average of $10.65 and a 200-day moving average of $10.54.

Eltek (NASDAQ:ELTK) last announced its earnings results on Thursday, August 15th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.14). The business had revenue of $10.47 million for the quarter, compared to the consensus estimate of $11.90 million. Eltek had a net margin of 12.85% and a return on equity of 18.75%. During the same quarter last year, the firm posted $0.22 EPS. Equities analysts anticipate that Eltek will post 1.02 EPS for the current year.

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.