Eltek Ltd. (NASDAQ:ELTK) Stock Short Interest Drops 60.3%

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 1,718 shares, a decrease of 60.3% from the September 15th total of 4,330 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 2,141 shares, the days-to-cover ratio is presently 0.8 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 research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Eltek Stock Down 3.2%

Shares of Eltek stock traded down $0.24 on Tuesday, hitting $7.46. 7,867 shares of the company’s stock traded hands, compared to its average volume of 11,526. Eltek has a 52-week low of $7.00 and a 52-week high of $11.59. The stock has a market cap of $50.10 million, a P/E ratio of -8.19 and a beta of 0.68. The firm’s 50-day moving average is $8.13 and its 200 day moving average is $8.47.

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. 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.

Insider Transactions at Eltek

In other news, insider Gad Dovev sold 4,260 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $8.52, for a total transaction of $36,295.20. Following the transaction, the insider directly owned 500 shares in the company, valued at $4,260. This represents a 89.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 72.02% of the company’s stock.

Eltek Company Profile

Eltek Ltd. is an Israel-based manufacturer of printed circuit boards (PCBs) for customers that require complex, high-reliability electronic interconnect solutions. The company develops and produces multilayer boards, rigid-flex and flex-rigid boards, high-density interconnect (HDI) boards, radio-frequency and microwave boards, and metal-backed boards.

Eltek’s products are used in a range of applications, including defense and aerospace systems, medical equipment, industrial electronics, telecommunications, and other advanced electronic devices.