Eltek Ltd. (NASDAQ:ELTK) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 27,500 shares, a drop of 12.1% from the September 30th total of 31,300 shares. Based on an average trading volume of 180,600 shares, the short-interest ratio is currently 0.2 days. Approximately 1.8% of the company’s stock are sold short.
A hedge fund recently bought a new stake in Eltek stock. Advisor Group Inc. bought a new position in shares of Eltek Ltd. (NASDAQ:ELTK) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 66,942 shares of the technology company’s stock, valued at approximately $291,000. Advisor Group Inc. owned approximately 3.30% of Eltek as of its most recent SEC filing. 8.50% of the stock is currently owned by institutional investors.
Separately, ValuEngine raised shares of Eltek from a “hold” rating to a “buy” rating in a research report on Saturday, October 19th.
Eltek (NASDAQ:ELTK) last issued its earnings results on Wednesday, September 4th. The technology company reported $0.19 earnings per share (EPS) for the quarter. The business had revenue of $8.20 million for the quarter. Eltek had a negative net margin of 0.19% and a negative return on equity of 2.84%.
Eltek Ltd. manufactures, markets, and sells printed circuit boards (PCBs) in Israel, Europe, North America, India, and internationally. The company offers a range of custom designed PCBs, including rigid, double-sided, and multi-layer PCBs; and flexible circuitry, such as flex and flex rigid boards. It serves manufacturers of defense and aerospace, medical, industrial, telecom, and networking equipment, as well as contract electronic manufacturers and other industries.
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