Eltek Ltd. (NASDAQ:ELTK) Short Interest Down 31.9% in February

Eltek Ltd. (NASDAQ:ELTK) saw a large decrease in short interest during 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. Based on an average daily volume of 18,700 shares, the short-interest ratio is presently 0.4 days. Approximately 0.3% of the company’s shares are short sold.

Eltek Price Performance

Shares of ELTK stock traded up $0.12 during trading on Friday, reaching $8.50. The company’s stock had a trading volume of 5,981 shares, compared to its average volume of 15,655. Eltek has a 1-year low of $8.05 and a 1-year high of $12.47. The company has a market capitalization of $51.59 million, a price-to-earnings ratio of 10.00 and a beta of 0.36. The stock’s 50-day moving average price is $11.03 and its 200 day moving average price is $10.90.

Institutional Investors Weigh In On Eltek

Hedge funds have recently modified their holdings of the stock. Sunbelt Securities Inc. boosted its position in 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 purchasing an additional 1,020 shares during the period. Essex Investment Management Co. LLC bought a new stake in shares of Eltek during the fourth quarter worth $99,000. Foundry Partners LLC lifted its holdings in Eltek by 14.2% in the third quarter. Foundry Partners LLC now owns 242,470 shares of the technology company’s stock valued at $2,645,000 after buying an additional 30,200 shares during the period. Northern Trust Corp bought a new stake in shares of Eltek during the fourth quarter worth about $405,000. Finally, Yelin Lapidot Holdings Management Ltd. lifted its stake in shares of Eltek by 206.7% during the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock valued at $2,312,000 after buying an additional 140,868 shares in the last quarter. 64.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Eltek in a research report on Thursday. They set a “hold” rating on the stock.

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.