Eltek Ltd. (NASDAQ:ELTK) Short Interest Up 34.2% in March

Eltek Ltd. (NASDAQ:ELTK) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 10,600 shares, an increase of 34.2% from the February 28th total of 7,900 shares. Based on an average daily volume of 16,600 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.3% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ELTK. Sunbelt Securities Inc. boosted its stake in 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 in the last quarter. Essex Investment Management Co. LLC purchased a new stake in shares of Eltek during the fourth quarter worth about $99,000. Northern Trust Corp purchased a new position in shares of Eltek in the 4th quarter valued at approximately $405,000. Finally, Yelin Lapidot Holdings Management Ltd. boosted its stake in Eltek by 206.7% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock worth $2,312,000 after purchasing an additional 140,868 shares in the last quarter. Institutional investors own 64.58% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Eltek in a research report on Saturday. They set a “hold” rating on the stock.

Eltek Price Performance

Eltek stock traded down $0.15 during trading hours on Wednesday, reaching $8.30. The stock had a trading volume of 2,982 shares, compared to its average volume of 25,525. The company has a market cap of $50.37 million, a price-to-earnings ratio of 9.76 and a beta of 0.36. The business’s 50 day moving average price is $10.42 and its 200-day moving average price is $10.72. Eltek has a 52 week low of $8.05 and a 52 week high of $12.47.

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.