Caesarstone Ltd. (NASDAQ:CSTE) Sees Significant Drop in Short Interest

Caesarstone Ltd. (NASDAQ:CSTE) saw a significant decrease in short interest in August. As of August 14th, there was short interest totaling 150,240 shares, a decrease of 35.8% from the July 30th total of 234,096 shares. Based on an average daily trading volume, of 138,342 shares, the short-interest ratio is currently 1.1 days. Approximately 0.4% of the company’s shares are sold short.

Analyst Ratings Changes

Several analysts have weighed in on CSTE shares. Wall Street Zen raised Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Caesarstone in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Caesarstone presently has a consensus rating of “Sell”.

Caesarstone Stock Up 6.9%

Shares of CSTE stock traded up $0.20 during mid-day trading on Tuesday, reaching $3.08. 92,919 shares of the company’s stock traded hands, compared to its average volume of 491,438. Caesarstone has a 12 month low of $0.56 and a 12 month high of $3.84. The company has a market cap of $106.44 million, a P/E ratio of -0.75 and a beta of 0.37. The company’s 50-day moving average price is $2.54 and its 200-day moving average price is $1.85.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings results on Wednesday, August 5th. The construction company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.16. Caesarstone had a negative net margin of 37.37% and a negative return on equity of 32.36%. The company had revenue of $96.55 million during the quarter, compared to analyst estimates of $102.50 million.

Hedge Funds Weigh In On Caesarstone

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC purchased a new position in shares of Caesarstone during the fourth quarter valued at approximately $30,000. Pitcairn Co. bought a new stake in shares of Caesarstone in the 2nd quarter worth approximately $31,000. Qube Research & Technologies Ltd purchased a new stake in shares of Caesarstone in the 2nd quarter worth approximately $56,000. Empowered Funds LLC grew its stake in shares of Caesarstone by 10.7% in the 1st quarter. Empowered Funds LLC now owns 58,008 shares of the construction company’s stock worth $62,000 after buying an additional 5,584 shares during the last quarter. Finally, Citadel Advisors LLC increased its position in Caesarstone by 163.7% during the 3rd quarter. Citadel Advisors LLC now owns 63,589 shares of the construction company’s stock valued at $101,000 after buying an additional 39,474 shares in the last quarter. Institutional investors own 33.70% of the company’s stock.

Caesarstone Company Profile

Caesarstone Ltd. is an Israel-based manufacturer specializing in engineered quartz surfaces for residential and commercial applications. The company’s core business centers on the design, production and marketing of quartz slabs and tiles used for kitchen countertops, bathroom vanities, flooring and wall cladding. Caesarstone’s products combine natural quartz with resins and pigments to deliver durable, low-maintenance surfaces known for their aesthetic versatility and resistance to scratches, stains and heat.

Founded in 1987 and headquartered at Kibbutz Sdot Yam, Israel, Caesarstone has grown into a global brand with distribution in over 50 countries.