Eltek Ltd. (NASDAQ:ELTK) Short Interest Update

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large growth in short interest in 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. Currently, 0.2% of the shares of the stock are sold short.

Eltek Stock Performance

NASDAQ:ELTK traded up $0.02 during trading hours on Thursday, reaching $7.89. The company’s stock had a trading volume of 419 shares, compared to its average volume of 11,810. The firm has a market capitalization of $53.01 million, a price-to-earnings ratio of -8.67 and a beta of 0.74. The firm has a 50-day simple moving average of $8.26 and a 200-day simple moving average of $8.54. Eltek has a 1 year low of $7.30 and a 1 year high of $11.59.

Eltek (NASDAQ:ELTK) last posted its quarterly earnings results on Tuesday, August 18th. The technology company reported ($0.41) earnings per share for the quarter. Eltek had a negative return on equity of 13.57% and a negative net margin of 12.66%.The business had revenue of $11.53 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Eltek in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Eltek presently has a consensus rating of “Sell”.

Insider Activity at Eltek

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

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.