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

Eltek Ltd. (NASDAQ:ELTK) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 4,330 shares, a growth of 73.3% from the August 31st total of 2,499 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily volume of 26,691 shares, the short-interest ratio is presently 0.2 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Eltek in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Insider Activity

In other news, insider Gad Dovev sold 4,260 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $8.52, for a total value of $36,295.20. Following the transaction, the insider directly owned 500 shares in the company, valued at approximately $4,260. This trade represents a 89.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 72.02% of the company’s stock.

Eltek Stock Down 0.6%

ELTK stock opened at $7.83 on Friday. Eltek has a fifty-two week low of $7.30 and a fifty-two week high of $11.59. The firm’s 50-day simple moving average is $8.24 and its 200 day simple moving average is $8.53. The stock has a market cap of $52.58 million, a PE ratio of -8.60 and a beta of 0.68.

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

About Eltek

Eltek Ltd. is an Israel-based manufacturer of printed circuit boards (PCBs) for applications that require advanced design, reliability, and performance. The company produces rigid multilayer, flexible, rigid-flexible, and high-density interconnect circuit boards, as well as prototype and quick-turn products.

Eltek serves customers in industries including aerospace and defense, medical equipment, industrial systems, communications, automotive, and other technology markets. Its products are used in electronic systems that may require complex interconnections, compact designs, and resistance to demanding operating conditions.

Founded in 1970 and headquartered in Petah Tikva, Israel, Eltek sells its products in Israel and international markets, including North America, Europe, and Asia.