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

Caesarstone Ltd. (NASDAQ:CSTE - Get Free Report) saw a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 378,100 shares, a growth of 31.8% from the March 31st total of 286,900 shares. Based on an average daily volume of 73,500 shares, the days-to-cover ratio is presently 5.1 days. Currently, 1.8% of the company's shares are short sold.

Caesarstone Stock Performance

Shares of NASDAQ CSTE traded down $0.10 during trading on Tuesday, hitting $2.42. 114,008 shares of the company traded hands, compared to its average volume of 76,751. The business's fifty day moving average is $2.88 and its 200 day moving average is $3.80. The firm has a market capitalization of $83.61 million, a price-to-earnings ratio of -1.21 and a beta of 0.35. Caesarstone has a fifty-two week low of $2.25 and a fifty-two week high of $6.75.

Caesarstone (NASDAQ:CSTE - Get Free Report) last issued its earnings results on Wednesday, March 5th. The construction company reported ($0.35) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The firm had revenue of $97.86 million for the quarter, compared to analyst estimates of $99.40 million. Caesarstone had a negative return on equity of 9.61% and a negative net margin of 14.56%. During the same period in the previous year, the company earned ($0.28) earnings per share.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on Caesarstone in a report on Tuesday, March 11th. They issued a "hold" rating for the company.

Hedge Funds Weigh In On Caesarstone

Several large investors have recently added to or reduced their stakes in CSTE. State Street Corp lifted its position in shares of Caesarstone by 1.6% during the 3rd quarter. State Street Corp now owns 163,335 shares of the construction company's stock worth $745,000 after buying an additional 2,640 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Caesarstone by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 12,148 shares of the construction company's stock worth $52,000 after purchasing an additional 2,647 shares during the period. Barclays PLC increased its holdings in Caesarstone by 8.4% during the fourth quarter. Barclays PLC now owns 47,077 shares of the construction company's stock worth $199,000 after buying an additional 3,632 shares during the last quarter. Bank of America Corp DE boosted its stake in Caesarstone by 18.0% in the fourth quarter. Bank of America Corp DE now owns 36,858 shares of the construction company's stock valued at $157,000 after acquiring an additional 5,618 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of Caesarstone during the 4th quarter valued at approximately $46,000. Institutional investors own 33.70% of the company's stock.

Caesarstone Company Profile

Caesarstone Ltd., together with its subsidiaries, designs, develops, manufactures, and markets engineered stone and other materials under the Caesarstone brand in the United States, Canada, Latin America, Australia, Asia, Europe, the Middle East and Africa, and Israel. The company's engineered stone slabs are primarily used as indoor and outdoor kitchen countertops in the renovation and remodeling, and residential construction sectors.