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

Eltek Ltd. (NASDAQ:ELTK) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 4,667 shares, a drop of 18.3% from the March 15th total of 5,715 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average daily trading volume, of 3,671 shares, the days-to-cover ratio is currently 1.3 days.

Eltek Stock Up 1.2%

Shares of ELTK traded up $0.10 during mid-day trading on Thursday, hitting $8.29. The stock had a trading volume of 1,501 shares, compared to its average volume of 16,193. The company has a market cap of $55.71 million, a PE ratio of 69.08 and a beta of 0.70. The company’s fifty day simple moving average is $8.62 and its two-hundred day simple moving average is $9.36. Eltek has a fifty-two week low of $7.73 and a fifty-two week high of $12.19.

Eltek (NASDAQ:ELTK) last issued its earnings results on Monday, March 9th. The technology company reported ($0.05) EPS for the quarter. The firm had revenue of $13.24 million during the quarter. Eltek had a return on equity of 1.85% and a net margin of 1.59%. Equities analysts expect that Eltek will post 0.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Eltek in a research note on Friday, March 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

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. It primarily serves medical technology, defense and aerospace, industrial, telecom, and networking equipment industries, as well as contract electronic manufacturers.