Caesarstone (NASDAQ:CSTE) Share Price Passes Above 200 Day Moving Average – What’s Next?

Caesarstone Ltd. (NASDAQ:CSTE) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.89 and traded as high as $3.15. Caesarstone shares last traded at $3.10, with a volume of 37,824 shares changing hands.

Analysts Set New Price Targets

CSTE has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Caesarstone in a research note on Thursday, August 6th. Wall Street Zen raised shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Caesarstone Trading Up 5.6%

The company has a market cap of $109.93 million, a price-to-earnings ratio of -0.77 and a beta of 0.42. The business’s 50 day moving average price is $2.68 and its 200-day moving average price is $1.90.

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

Hedge Funds Weigh In On Caesarstone

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC lifted its holdings in Caesarstone by 10.7% during the 1st quarter. Empowered Funds LLC now owns 58,008 shares of the construction company’s stock worth $62,000 after purchasing an additional 5,584 shares during the last quarter. Pitcairn Co. bought a new stake in Caesarstone in the 2nd quarter valued at $31,000. Virtu Financial LLC bought a new stake in Caesarstone in the 4th quarter valued at $30,000. Qube Research & Technologies Ltd acquired a new position in Caesarstone in the 2nd quarter valued at $56,000. Finally, Citadel Advisors LLC grew its holdings in Caesarstone by 163.7% in 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 and hedge funds 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.