Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Drops By 35.8%

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a large drop in short interest during the month of August. As of August 14th, there was short interest totaling 150,240 shares, a drop of 35.8% from the July 30th total of 234,096 shares. Based on an average daily volume of 138,342 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.4% of the shares of the company are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its stake in Caesarstone by 10.7% in 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 period. Virtu Financial LLC purchased a new position in shares of Caesarstone in the fourth quarter worth $30,000. Citadel Advisors LLC raised its holdings in Caesarstone by 163.7% during 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 during the last quarter. Pitcairn Co. bought a new stake in Caesarstone during the 2nd quarter valued at $31,000. Finally, Jane Street Group LLC purchased a new stake in Caesarstone during the 2nd quarter valued at $263,000. 33.70% of the stock is currently owned by institutional investors.

Caesarstone Trading Down 2.0%

Shares of CSTE traded down $0.06 during trading hours on Wednesday, reaching $3.00. 17,167 shares of the company’s stock traded hands, compared to its average volume of 488,930. Caesarstone has a 12 month low of $0.56 and a 12 month high of $3.84. The stock has a market cap of $103.71 million, a PE ratio of -0.73 and a beta of 0.42. The firm’s 50 day simple moving average is $2.57 and its 200-day simple moving average is $1.86.

Caesarstone (NASDAQ:CSTE) last announced its earnings results 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. Caesarstone had a negative net margin of 37.37% and a negative return on equity of 32.36%. The business had revenue of $96.55 million for the quarter, compared to the consensus estimate of $102.50 million.

Analyst Ratings Changes

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