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

Caesarstone Ltd. (NASDAQ:CSTE) saw a large decrease in short interest during the month of April. As of April 15th, there was short interest totaling 512,945 shares, a decrease of 21.3% from the March 31st total of 651,844 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 388,850 shares, the days-to-cover ratio is currently 1.3 days.

Hedge Funds Weigh In On Caesarstone

A number of hedge funds and other institutional investors have recently modified their holdings of CSTE. Pitcairn Co. purchased a new stake in Caesarstone in the 2nd quarter worth about $31,000. Virtu Financial LLC purchased a new stake in Caesarstone in the 4th quarter worth about $30,000. Qube Research & Technologies Ltd purchased a new stake in Caesarstone in the 2nd quarter worth about $56,000. Citadel Advisors LLC lifted its stake in Caesarstone by 163.7% in the 3rd quarter. Citadel Advisors LLC now owns 63,589 shares of the construction company’s stock worth $101,000 after acquiring an additional 39,474 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Caesarstone in the 3rd quarter worth about $89,000. Institutional investors and hedge funds own 33.70% of the company’s stock.

Caesarstone Stock Performance

Shares of NASDAQ:CSTE traded up $0.01 on Thursday, hitting $1.35. The company’s stock had a trading volume of 26,152 shares, compared to its average volume of 849,079. Caesarstone has a 12 month low of $0.56 and a 12 month high of $2.62. The company has a market capitalization of $46.74 million, a price-to-earnings ratio of -0.34 and a beta of 0.04. The stock’s 50-day moving average is $1.24 and its two-hundred day moving average is $1.53.

Caesarstone (NASDAQ:CSTE) last announced its earnings results on Wednesday, March 4th. The construction company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.10). Caesarstone had a negative net margin of 34.60% and a negative return on equity of 24.33%. The firm had revenue of $94.44 million for the quarter, compared to the consensus estimate of $93.70 million.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Caesarstone from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 11th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

About Caesarstone

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.