Short Interest in Eltek Ltd. (NASDAQ:ELTK) Drops By 62.6%

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 2,406 shares, a drop of 62.6% from the July 15th total of 6,438 shares. Based on an average daily volume of 12,340 shares, the short-interest ratio is currently 0.2 days. Currently, 0.1% of the company’s shares are short sold.

Eltek Stock Up 1.2%

NASDAQ ELTK traded up $0.11 during trading hours on Friday, hitting $8.61. 531 shares of the company were exchanged, compared to its average volume of 13,997. The company has a 50 day moving average of $8.88 and a two-hundred day moving average of $8.71. Eltek has a 52-week low of $7.30 and a 52-week high of $11.59. The firm has a market cap of $57.83 million, a price-to-earnings ratio of -19.12 and a beta of 0.75.

Eltek (NASDAQ:ELTK) last announced its quarterly earnings data on Wednesday, May 20th. The technology company reported ($0.42) EPS for the quarter. Eltek had a negative return on equity of 6.69% and a negative net margin of 6.12%.The company had revenue of $10.44 million for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Eltek from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, June 12th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Eltek presently 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.