Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 61.4% in September

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Eltek Ltd. (NASDAQ:ELTK) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 31,100 shares, a decrease of 61.4% from the August 30th total of 80,500 shares. Based on an average daily trading volume, of 181,900 shares, the days-to-cover ratio is presently 0.2 days. Approximately 2.1% of the company’s stock are short sold.

A hedge fund recently bought a new stake in Eltek stock. Advisor Group Inc. acquired a new stake in shares of Eltek Ltd. (NASDAQ:ELTK) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 66,942 shares of the technology company’s stock, valued at approximately $291,000. Advisor Group Inc. owned about 3.30% of Eltek as of its most recent filing with the SEC. 8.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ELTK traded down $0.13 during midday trading on Friday, reaching $3.20. The company’s stock had a trading volume of 59,043 shares, compared to its average volume of 75,580. The firm has a 50 day moving average of $3.93 and a 200-day moving average of $3.32. The company has a quick ratio of 0.63, a current ratio of 0.88 and a debt-to-equity ratio of 0.02. Eltek has a 12-month low of $1.28 and a 12-month high of $11.56.

Eltek (NASDAQ:ELTK) last released its earnings results on Wednesday, September 4th. The technology company reported $0.19 earnings per share for the quarter. The firm had revenue of $8.20 million for the quarter. Eltek had a negative net margin of 0.19% and a negative return on equity of 2.84%.

About Eltek

Eltek Ltd. manufactures, markets, and sells printed circuit boards (PCBs) in Israel, Europe, North America, India, and internationally. The company offers a range of custom designed PCBs, including rigid, double-sided, and multi-layer PCBs; and flexible circuitry, such as flex and flex rigid boards. It serves manufacturers of defense and aerospace, medical, industrial, telecom, and networking equipment, as well as contract electronic manufacturers and other industries.

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