Keep Your Eyes on This Stock: Eltek Ltd. (NASDAQ:ELTK)
Eltek Ltd. (NASDAQ: ELTK), stock identified change of 240.63% away from 52-week low price and recently located move of -62.28% off 52-week high price. It has market worth of $12.51M. ELTK stock has been recorded 10.90% away from 50 day moving average and 47.23% away from 200 day moving average. Moving closer, we can see that shares have been trading 13.92% off 20-day moving average.
On Sept. 04, 2019, Eltek Ltd. (NASDAQ:ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, reported its financial results for the quarter ended June 30, 2019.
Mr. Eli Yaffe, Chief Executive Officer, commented: We are pleased that this quarter’s results reflect the continuing trend of improved results. The improved results are a consequence of the implementation of our turnaround plan. We are continuing our efforts to maintain the trend of improved operating efficiencies, while increasing sales by expanding our business into the vertical markets we currently service.
Highlights of the Second Quarter of 2019 compared to the Second Quarter of 2018
- Revenues for the second quarter of 2019 were $8.2 million compared to revenues of $8.7 million in the second quarter of 2018;
- Gross profit increased from $578,000 (6.7% of revenues) in the second quarter of 2018 to $1,256,000 (15.3% of revenues) in the second quarter of 2019;
- Operating profit was $7,000 as compared to an operating loss of $721,000 in the second quarter of 2018;
- Other Income was $871,000 in the second quarter of 2019, mainly attributable to receipt of payment on an insurance claim made in 2018 for damage to one of our manufacturing machines and the resulting losses that occurred as a result of this event;
- Net profit was $790,000, or $0.19 per fully diluted share in the second quarter of 2019 compared to a net loss of $843,000, or ($0.42) per fully diluted share, in the second quarter of 2018;
- EBITDA was $1.25 million in the second quarter of 2019 compared to negative EBITDA of $295,000 in the second quarter of 2018;
- Net cash used in operating activities amounted to $301,000 in the second quarter of 2019 compared to net cash used in operating activities of $572,000 in the second quarter of 2018.
The Technology sector company, Eltek Ltd. noticed change of -27.33% to $4.36 along volume of 1428968 shares in recent session compared to an average volume of 251.87K. The stock observed return of 19.45% in 5 days trading activity. The stock was at 28.24% over one month performance. ELTK’s shares are at -10.10% for the quarter and driving a 16.58% return over the course of the past year and is now at 105.67% since this point in 2018.
The average volatility for the week at 28.41% and for month was at 13.89%. There are 2.87M shares outstanding and 1.52M shares are floated in market. Right now the stock beta is -4.72.
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