Eltek Ltd. (NASDAQ:ELTK) Short Interest Up 29.7% in October

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

Institutional Trading of Eltek

A number of large investors have recently made changes to their positions in ELTK. Sunbelt Securities Inc. boosted its position in shares of Eltek by 46.6% in the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company’s stock valued at $103,000 after purchasing an additional 2,945 shares during the period. Foundry Partners LLC acquired a new stake in shares of Eltek in the 1st quarter valued at about $1,380,000. Finally, 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 valued at $885,000 after purchasing an additional 1,300 shares during the period. 64.58% of the stock is owned by institutional investors and hedge funds.

Eltek Price Performance

Shares of NASDAQ ELTK opened at $10.44 on Monday. The stock’s 50-day moving average is $10.63 and its two-hundred day moving average is $10.53. Eltek has a 1-year low of $9.00 and a 1-year high of $22.80. The company has a market cap of $63.37 million, a price-to-earnings ratio of 10.88 and a beta of 0.44.

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