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

Eltek Ltd. (NASDAQ:ELTK) saw a significant growth in short interest during the month of 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. Based on an average daily trading volume, of 25,900 shares, the short-interest ratio is presently 1.0 days. Currently, 0.9% of the company’s shares are short sold.

Eltek Stock Up 0.7 %

Shares of Eltek stock opened at $10.44 on Monday. Eltek has a 52 week low of $9.00 and a 52 week high of $22.80. The business’s fifty day simple moving average is $10.63 and its 200-day simple moving average is $10.53. The firm has a market cap of $63.37 million, a PE ratio of 10.88 and a beta of 0.44.

Eltek (NASDAQ:ELTK) last announced its quarterly earnings results on Thursday, August 15th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $11.90 million. During the same period last year, the company earned $0.22 EPS. As a group, equities analysts expect that Eltek will post 1.02 earnings per share for the current year.

Hedge Funds Weigh In On Eltek

Several large investors have recently modified their holdings of the business. Sunbelt Securities Inc. lifted its stake in Eltek by 46.6% during the 1st 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. Renaissance Technologies LLC lifted its stake in Eltek by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company’s stock worth $885,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Foundry Partners LLC acquired a new position in Eltek during the 1st quarter worth about $1,380,000. Institutional investors and hedge funds own 64.58% of the company’s stock.

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.