Caesarstone (NASDAQ:CSTE) Shares Break Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Caesarstone shares broke above their 200-day moving average, reaching $2.96 before last trading at $2.87, compared with the $2.06 long-term average.
• Analyst sentiment remains negative: Weiss Ratings reiterated a “sell” rating, while Wall Street Zen upgraded the stock to “hold”; the overall analyst rating is “Sell.”
• The company beat quarterly EPS expectations, reporting a loss of $0.10 per share versus the expected $0.26 loss, but revenue of $96.55 million fell short of estimates and profitability remained weak.

Caesarstone Ltd. (NASDAQ:CSTE - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $2.06 and traded as high as $2.96. Caesarstone shares last traded at $2.87, with a volume of 26,216 shares.

Analyst Upgrades and Downgrades

CSTE has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Caesarstone in a report on Thursday, August 6th. Wall Street Zen raised Caesarstone from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of "Sell".

Caesarstone Stock Down 2.4%

The stock has a market cap of $99.22 million, a price-to-earnings ratio of -0.69 and a beta of 0.42. The stock's fifty day moving average is $2.83 and its 200-day moving average is $2.06.

Caesarstone (NASDAQ:CSTE - Get Free Report) 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 company had revenue of $96.55 million for the quarter, compared to analyst estimates of $102.50 million. Caesarstone had a negative net margin of 37.37% and a negative return on equity of 32.36%.

Institutional Trading of Caesarstone

An institutional investor recently raised its position in Caesarstone stock. Empowered Funds LLC increased its holdings in shares of Caesarstone Ltd. (NASDAQ:CSTE - Free Report) by 10.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 58,008 shares of the construction company's stock after purchasing an additional 5,584 shares during the quarter. Empowered Funds LLC owned 0.17% of Caesarstone worth $62,000 as of its most recent filing with the SEC. Institutional investors own 33.70% of the company's stock.

About Caesarstone

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.

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