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

Caesarstone Ltd. (NASDAQ:CSTE) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.97 and traded as high as $3.04. Caesarstone shares last traded at $2.87, with a volume of 46,574 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Caesarstone in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Caesarstone has an average rating of “Sell”.

Caesarstone Trading Up 2.1%

The firm has a market cap of $99.22 million, a price-to-earnings ratio of -0.69 and a beta of 0.42. The company has a 50 day moving average of $2.78 and a 200 day moving average of $1.97.

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

Institutional Trading of Caesarstone

An institutional investor recently raised its position in Caesarstone stock. Empowered Funds LLC increased its stake in Caesarstone Ltd. (NASDAQ:CSTE) by 10.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,008 shares of the construction company’s stock after purchasing an additional 5,584 shares during the period. Empowered Funds LLC owned approximately 0.17% of Caesarstone worth $62,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 33.70% of the company’s stock.

Caesarstone Company Profile

Caesarstone Ltd. (NASDAQ: CSTE) is a manufacturer and designer of engineered surfaces used in residential and commercial construction and remodeling. The company is best known for quartz surfaces used for kitchen and bathroom countertops, backsplashes, vanities, wall applications and other interior design projects.

Its product portfolio also includes porcelain and natural stone surfaces, offered in a range of colors, patterns, finishes and thicknesses. Caesarstone markets its products to fabricators, distributors, retailers, architects, designers, builders and homeowners.

Founded in 1987 and headquartered in Israel, Caesarstone serves customers through a global distribution and sales network, with significant markets in North America, Europe, Australia and other international regions.