Caesarstone (NASDAQ:CSTE) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Caesarstone shares rose above their 200-day moving average, reaching $2.82 before closing at $2.70, compared with the $2.22 long-term average.
• Analyst sentiment remains negative: Caesarstone holds an average “Sell” rating, despite Wall Street Zen upgrading the stock from “Strong Sell” to “Hold.”
• The company beat quarterly EPS expectations, reporting a $0.10 loss per share versus the expected $0.26 loss, but revenue fell short of estimates and profitability remained weak.

Caesarstone Ltd. (NASDAQ:CSTE - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $2.22 and traded as high as $2.82. Caesarstone shares last traded at $2.70, with a volume of 17,962 shares.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Caesarstone in a report on Thursday, August 6th. Wall Street Zen upgraded Caesarstone from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, Caesarstone currently has an average rating of "Sell".

Caesarstone Trading Down 2.9%

The business has a 50 day simple moving average of $2.98 and a two-hundred day simple moving average of $2.22. The stock has a market cap of $93.34 million, a price-to-earnings ratio of -0.65 and a beta of 0.41.

Caesarstone (NASDAQ:CSTE - Get Free Report) last announced its 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. The company 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 boosted its stake in Caesarstone Ltd. (NASDAQ:CSTE - Free Report) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,008 shares of the construction company's stock after acquiring an additional 5,584 shares during the period. Empowered Funds LLC owned 0.17% of Caesarstone worth $62,000 at the end of the most recent reporting period. 33.70% of the stock is currently owned by institutional investors.

About Caesarstone

Caesarstone Ltd. is a manufacturer and marketer of engineered stone and other surface materials used primarily in residential and commercial construction and renovation. The company is best known for quartz surfaces designed for kitchen countertops, bathroom vanities, backsplashes, flooring, wall cladding and other interior applications.

Its product portfolio also includes porcelain and natural stone surfaces, with designs offered in a range of colors, patterns and finishes. Caesarstone sells its products through distributors, retailers, fabricators, kitchen and bath specialists, and building-material channels to homeowners, designers, contractors, builders and commercial customers.

Founded in 1987, Caesarstone originated in Israel and expanded into international markets, serving customers across North America, Europe, Asia-Pacific and other regions.

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