Eltek Ltd. (NASDAQ:ELTK) Sees Large Decrease in Short Interest

Eltek Ltd. (NASDAQ:ELTK) was the target of a large decrease in short interest in 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. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,141 shares, the days-to-cover ratio is currently 0.8 days.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, insider Gad Dovev sold 4,260 shares of Eltek 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 sale, the insider owned 500 shares in the company, valued at $4,260. This trade represents a 89.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 72.02% of the company’s stock.

Eltek Stock Performance

Shares of NASDAQ ELTK opened at $7.25 on Thursday. The stock’s 50-day simple moving average is $8.08 and its 200-day simple moving average is $8.45. The firm has a market capitalization of $48.73 million, a PE ratio of -8.13 and a beta of 0.68. Eltek has a fifty-two week low of $7.00 and a fifty-two week high of $11.59.

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

About Eltek

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.