Short Interest in Eltek Ltd. (NASDAQ:ELTK) Drops By 35.3%

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a significant drop in short interest in May. As of May 29th, there was short interest totaling 2,542 shares, a drop of 35.3% from the May 14th total of 3,928 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average trading volume of 10,056 shares, the days-to-cover ratio is currently 0.3 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Eltek from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Eltek Stock Down 3.4%

Shares of NASDAQ:ELTK traded down $0.33 during trading on Tuesday, reaching $9.34. The stock had a trading volume of 12,000 shares, compared to its average volume of 13,152. Eltek has a 52 week low of $7.30 and a 52 week high of $12.19. The firm has a market capitalization of $62.79 million, a price-to-earnings ratio of -20.59 and a beta of 0.75. The stock has a fifty day simple moving average of $8.54 and a two-hundred day simple moving average of $8.73.

Eltek (NASDAQ:ELTK) last released its quarterly earnings results on Wednesday, May 20th. The technology company reported ($0.42) EPS for the quarter. Eltek had a negative net margin of 6.12% and a negative return on equity of 6.69%. The firm had revenue of $10.44 million during the quarter.

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.