Eltek Ltd. (NASDAQ:ELTK) Stock Short Interest Jumps 160.9%

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

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 stock was sold at an average price of $8.52, for a total transaction of $36,295.20. Following the sale, the insider owned 500 shares of the company’s stock, valued at $4,260. This trade represents a 89.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 72.02% of the stock is owned by company insiders.

Eltek Stock Down 4.9%

Shares of NASDAQ:ELTK traded down $0.31 during midday trading on Thursday, reaching $6.01. 808 shares of the company were exchanged, compared to its average volume of 11,175. Eltek has a fifty-two week low of $6.01 and a fifty-two week high of $11.59. The stock has a fifty day simple moving average of $7.70 and a two-hundred day simple moving average of $8.47. The firm has a market cap of $40.39 million, a PE ratio of -6.60 and a beta of 0.68.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated 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. Based on data from MarketBeat, Eltek has an average rating of “Sell”.

Eltek Company Profile

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.