Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Increases By 10.3%

by · The Markets Daily

Caesarstone Ltd. (NASDAQ:CSTE – Get Free Report) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 311,200 shares, a growth of 10.3% from the September 15th total of 282,100 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily volume of 62,100 shares, the days-to-cover ratio is currently 5.0 days.

Analyst Ratings Changes

A number of analysts have issued reports on CSTE shares. Benchmark decreased their price target on Caesarstone from $8.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, August 8th. StockNews.com raised Caesarstone from a “hold” rating to a “buy” rating in a report on Friday, September 20th.

Check Out Our Latest Analysis on Caesarstone

Hedge Funds Weigh In On Caesarstone

Hedge funds have recently modified their holdings of the business. Essex Investment Management Co. LLC increased its position in Caesarstone by 89.7% in the 1st quarter. Essex Investment Management Co. LLC now owns 329,827 shares of the construction company’s stock valued at $1,349,000 after acquiring an additional 155,956 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Caesarstone during the second quarter worth approximately $293,000. Acadian Asset Management LLC purchased a new position in Caesarstone in the 2nd quarter valued at $106,000. Rhumbline Advisers acquired a new position in Caesarstone in the 2nd quarter valued at $107,000. Finally, Marquette Asset Management LLC raised its position in Caesarstone by 19.8% during the 1st quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock worth $148,000 after buying an additional 6,006 shares during the last quarter. 33.70% of the stock is currently owned by hedge funds and other institutional investors.

Caesarstone Stock Performance

NASDAQ CSTE traded down $0.01 during trading hours on Thursday, hitting $4.41. The company had a trading volume of 16,649 shares, compared to its average volume of 86,476. The business has a 50 day moving average of $4.63 and a 200-day moving average of $5.27. The company has a market cap of $152.29 million, a PE ratio of -1.39 and a beta of 0.13. Caesarstone has a 1-year low of $3.50 and a 1-year high of $6.81.

Caesarstone (NASDAQ:CSTE – Get Free Report) last announced its earnings results on Wednesday, August 7th. The construction company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $119.43 million during the quarter, compared to analyst estimates of $123.85 million. Caesarstone had a negative net margin of 12.91% and a negative return on equity of 8.21%.

Caesarstone Company Profile

(Get Free Report)

Caesarstone Ltd., together with its subsidiaries, designs, develops, manufactures, and markets engineered stone and other materials under the Caesarstone brand in the United States, Canada, Latin America, Australia, Asia, Europe, the Middle East and Africa, and Israel. The company’s engineered stone slabs are primarily used as indoor and outdoor kitchen countertops in the renovation and remodeling, and residential construction sectors.

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