Eltek Ltd. (NASDAQ:ELTK) Shares Shorted: Short Interest Up 160.9% in October

Eltek Ltd. (NASDAQ:ELTK) saw a large increase in short interest in October. As of October 15th, there was short interest totaling 4,482 shares, an increase of 160.9% from the September 30th total of 1,718 shares. Based on an average daily trading volume, of 3,703 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.2% of the shares of the stock are sold short.

Eltek Stock Performance

NASDAQ:ELTK traded up $0.30 during trading hours on Friday, hitting $6.31. The company’s stock had a trading volume of 10,221 shares, compared to its average volume of 11,170. The company has a market capitalization of $42.40 million, a PE ratio of -6.93 and a beta of 0.68. The business’s 50-day moving average is $7.66 and its two-hundred day moving average is $8.46. Eltek has a 52-week low of $6.01 and a 52-week high of $11.59.

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Eltek

In related news, insider Gad Dovev sold 4,260 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $8.52, for a total transaction of $36,295.20. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $4,260. The trade was a 89.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 72.02% of the stock is owned by corporate insiders.

About Eltek

Eltek Ltd. is an Israel-based manufacturer of high-end printed circuit boards (PCBs). The company produces rigid, flexible, and rigid-flexible boards, as well as multilayer, high-density interconnect (HDI), and radio-frequency circuit boards. Its products are designed for applications that require complex circuitry, high reliability, and specialized manufacturing capabilities.

Eltek serves customers in industries including aerospace and defense, medical equipment, industrial systems, telecommunications, automotive, and other technology markets.