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

Eltek Ltd. (NASDAQ:ELTK) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 7,900 shares, a decline of 31.9% from the February 13th total of 11,600 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 18,700 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Investors Weigh In On Eltek

Institutional investors have recently made changes to their positions in the stock. Foundry Partners LLC raised its position in shares of Eltek by 14.2% in the 3rd 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 in the last quarter. Yelin Lapidot Holdings Management Ltd. raised its holdings in shares of 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 during the period. Northern Trust Corp bought a new stake in Eltek during the 4th quarter valued at $405,000. Sunbelt Securities Inc. lifted its position in shares of Eltek by 10.9% during the third quarter. Sunbelt Securities Inc. now owns 10,361 shares of the technology company’s stock worth $113,000 after acquiring an additional 1,020 shares in the last quarter. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Eltek in the fourth quarter worth $99,000. 64.58% of the stock is owned by institutional investors and hedge funds.

Eltek Stock Up 1.4 %

Eltek stock traded up $0.12 during mid-day trading on Friday, hitting $8.50. The company had a trading volume of 5,981 shares, compared to its average volume of 15,655. The stock has a market cap of $51.59 million, a price-to-earnings ratio of 10.00 and a beta of 0.36. Eltek has a 1 year low of $8.05 and a 1 year high of $12.47. The business has a fifty day moving average of $11.03 and a 200 day moving average of $10.90.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Eltek in a report on Thursday. They issued a “hold” rating for the company.

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.