Eltek Ltd. (NASDAQ:ELTK) Short Interest Up 29.7% in October

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 27,100 shares, an increase of 29.7% from the September 30th total of 20,900 shares. Based on an average trading volume of 25,900 shares, the short-interest ratio is presently 1.0 days. Approximately 0.9% of the shares of the stock are short sold.

Institutional Trading of Eltek

Several institutional investors and hedge funds have recently modified their holdings of ELTK. Foundry Partners LLC purchased a new position in shares of Eltek during the 1st quarter valued at about $1,380,000. Sunbelt Securities Inc. raised its holdings in shares of Eltek by 46.6% during the 1st quarter. Sunbelt Securities Inc. now owns 9,269 shares of the technology company's stock valued at $103,000 after buying an additional 2,945 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Eltek by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 90,723 shares of the technology company's stock valued at $885,000 after buying an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 64.58% of the company's stock.

Eltek Price Performance

Shares of NASDAQ:ELTK traded up $0.11 on Monday, hitting $10.55. The company's stock had a trading volume of 34,660 shares, compared to its average volume of 65,707. The company has a 50-day simple moving average of $10.63 and a 200 day simple moving average of $10.53. Eltek has a 1 year low of $9.00 and a 1 year high of $22.80. The company has a market capitalization of $64.04 million, a PE ratio of 11.06 and a beta of 0.44.

Eltek (NASDAQ:ELTK - Get Free Report) last released its quarterly earnings results on Thursday, August 15th. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.14). Eltek had a net margin of 12.85% and a return on equity of 18.75%. The business had revenue of $10.47 million during the quarter, compared to analysts' expectations of $11.90 million. During the same period in the previous year, the business earned $0.22 EPS. On average, equities research analysts expect that Eltek will post 1.02 earnings per share for the current fiscal year.

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.