Caesarstone (NASDAQ:CSTE) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Caesarstone Ltd. (NASDAQ:CSTE)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.84 and traded as high as $3.48. Caesarstone shares last traded at $3.28, with a volume of 77,722 shares trading hands.

Wall Street Analysts Forecast Growth

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

Caesarstone Trading Down 1.6%

The company has a market cap of $109.24 million, a price-to-earnings ratio of -0.77 and a beta of 0.37. The firm’s fifty day simple moving average is $2.50 and its 200 day simple moving average is $1.84.

Caesarstone (NASDAQ:CSTE) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported ($0.10) earnings per share 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%.

Institutional Inflows and Outflows

Several 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 in the 4th quarter valued at about $30,000. Pitcairn Co. purchased a new position in Caesarstone in the second quarter valued at approximately $31,000. Qube Research & Technologies Ltd purchased a new position in Caesarstone in the second quarter valued at approximately $56,000. Empowered Funds LLC raised its holdings in Caesarstone by 10.7% during the first 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 in the last quarter. Finally, Citadel Advisors LLC raised its holdings in Caesarstone by 163.7% during the third quarter. Citadel Advisors LLC now owns 63,589 shares of the construction company’s stock worth $101,000 after purchasing an additional 39,474 shares in the last quarter. 33.70% of the stock is owned by institutional investors and hedge funds.

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.