Short Interest in Eltek Ltd. (NASDAQ:ELTK) Declines By 31.9%

Eltek Ltd. (NASDAQ:ELTK - Get Free Report) was the target of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 7,900 shares, a decrease of 31.9% from the February 13th total of 11,600 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average trading volume of 18,700 shares, the short-interest ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of Eltek in a research report on Thursday, March 13th. They set a "hold" rating for the company.

Eltek Stock Performance

ELTK traded down $0.15 on Wednesday, reaching $8.62. The company had a trading volume of 7,928 shares, compared to its average volume of 28,005. The stock has a market cap of $52.31 million, a P/E ratio of 10.14 and a beta of 0.36. Eltek has a fifty-two week low of $8.05 and a fifty-two week high of $12.47. The company's fifty day moving average is $10.93 and its 200 day moving average is $10.87.

Hedge Funds Weigh In On Eltek

Several institutional investors and hedge funds have recently made changes to their positions in the company. Essex Investment Management Co. LLC bought a new stake in Eltek in the 4th quarter valued at $99,000. Sunbelt Securities Inc. boosted its position in shares of Eltek by 10.9% in the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company's stock valued at $113,000 after acquiring an additional 1,020 shares during the period. Northern Trust Corp bought a new stake in shares of Eltek in the fourth quarter valued at about $405,000. Yelin Lapidot Holdings Management Ltd. grew its stake in shares of Eltek by 206.7% in the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company's stock valued at $2,312,000 after acquiring an additional 140,868 shares in the last quarter. Finally, Foundry Partners LLC increased its position in Eltek by 14.2% during the third quarter. Foundry Partners LLC now owns 242,470 shares of the technology company's stock worth $2,645,000 after acquiring an additional 30,200 shares during the period. Institutional investors and hedge funds own 64.58% of the company's stock.

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Eltek Company Profile

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.