Caesarstone (NASDAQ:CSTE) Stock Crosses Above 200-Day Moving Average – Here’s Why

Caesarstone Ltd. (NASDAQ:CSTE) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.78 and traded as high as $3.48. Caesarstone shares last traded at $3.43, with a volume of 181,976 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CSTE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Caesarstone in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Caesarstone from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Caesarstone presently has a consensus rating of “Sell”.

Caesarstone Price Performance

The stock’s 50 day simple moving average is $2.27 and its two-hundred day simple moving average is $1.79. The firm has a market cap of $117.19 million, a P/E ratio of -0.82 and a beta of 0.37.

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

Institutional Investors Weigh In On Caesarstone

Several hedge funds have recently added to or reduced their stakes in CSTE. Jane Street Group LLC bought a new position in shares of Caesarstone during the second quarter valued at $263,000. Citadel Advisors LLC increased 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 worth $101,000 after buying an additional 39,474 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Caesarstone in the 2nd quarter worth about $56,000. Virtu Financial LLC purchased a new position in Caesarstone in the 4th quarter worth about $30,000. Finally, Pitcairn Co. purchased a new position in Caesarstone in the 2nd quarter worth about $31,000. 33.70% of the stock is owned by institutional investors.

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.