Caesarstone Ltd. (NASDAQ:CSTE) Short Interest Down 35.8% in August

Key Points

• Short interest fell 35.8% in August to 150,240 shares, representing 0.4% of outstanding shares and a days-to-cover ratio of 1.1.
• Caesarstone shares rose 6.9% to $3.08, while the company’s latest quarterly loss of $0.10 per share beat estimates; revenue of $96.55 million came in below consensus.
• Analyst sentiment remains negative, with the stock carrying an average “Sell” rating, despite one firm upgrading it to “Hold.” Institutional investors own 33.7% of the company.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CSTE shares. 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 report on Thursday, August 6th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of "Sell".

Caesarstone Stock Up 6.9%

Shares of Caesarstone stock traded up $0.20 during trading on Tuesday, reaching $3.08. 92,919 shares of the stock were exchanged, compared to its average volume of 491,438. The firm has a market cap of $106.44 million, a price-to-earnings ratio of -0.75 and a beta of 0.37. Caesarstone has a 1 year low of $0.56 and a 1 year high of $3.84. The stock's fifty day moving average is $2.54 and its 200 day moving average is $1.85.

Caesarstone (NASDAQ:CSTE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.26) by $0.16. Caesarstone had a negative return on equity of 32.36% and a negative net margin of 37.37%.The company had revenue of $96.55 million for the quarter, compared to the consensus estimate of $102.50 million.

Hedge Funds Weigh In On Caesarstone

A number of hedge funds and other institutional investors have recently made changes to their positions in CSTE. Virtu Financial LLC purchased a new stake in Caesarstone in the fourth quarter worth $30,000. Pitcairn Co. purchased a new position in Caesarstone during the 2nd quarter valued at $31,000. Qube Research & Technologies Ltd bought a new position in Caesarstone in the 2nd quarter worth $56,000. Empowered Funds LLC raised its holdings 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 in the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of 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 purchasing an additional 39,474 shares during the period. Institutional investors own 33.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source