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

Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large growth in short interest during the month of 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. Currently, 0.2% of the company’s shares are short sold. Based on an average daily volume of 3,703 shares, the days-to-cover ratio is presently 1.2 days.

Insiders Place Their Bets

In other Eltek news, insider Gad Dovev sold 4,260 shares of the company’s 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 approximately $4,260. This represents a 89.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 72.02% of the company’s stock.

Analysts Set New Price Targets

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

Eltek Stock Up 5.0%

Shares of ELTK stock opened at $6.31 on Friday. Eltek has a 12-month low of $6.01 and a 12-month high of $11.59. The firm has a fifty day moving average of $7.62 and a 200-day moving average of $8.44. The firm has a market capitalization of $42.40 million, a price-to-earnings ratio of -6.93 and a beta of 0.68.

Eltek (NASDAQ:ELTK) last announced 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 company had revenue of $11.53 million during the quarter.

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.