Caesarstone (NASDAQ:CSTE) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Caesarstone shares crossed above their 200-day moving average, trading as high as $3.04 before closing at $2.87, compared with the 200-day average of $1.97.
• Despite beating quarterly EPS expectations ($0.10 loss versus a projected $0.26 loss), revenue fell short at $96.55 million versus $102.50 million expected, and the company reported a negative net margin of 37.37%.
• Analyst sentiment remains negative: Caesarstone has a consensus “Sell” rating, while institutional investors own 33.70% of the stock.

Caesarstone Ltd. (NASDAQ:CSTE - Get Free Report)'s stock price crossed 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 traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CSTE. Weiss Ratings reiterated a "sell (d-)" rating on shares of Caesarstone in a research 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.com, the stock currently has a consensus rating of "Sell".

Caesarstone Price Performance

The stock's 50 day moving average is $2.78 and its two-hundred day moving average is $1.97. The firm has a market capitalization of $99.22 million, a P/E ratio of -0.69 and a beta of 0.42.

Caesarstone (NASDAQ:CSTE - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $96.55 million for the quarter, compared to analysts' expectations of $102.50 million. Caesarstone had a negative net margin of 37.37% and a negative return on equity of 32.36%.

Institutional Investors Weigh In On Caesarstone

An institutional investor recently raised its stake in Caesarstone stock. Empowered Funds LLC grew its stake in shares of Caesarstone Ltd. (NASDAQ:CSTE - Free Report) by 10.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,008 shares of the construction company's stock after buying 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. 33.70% of the stock is currently owned by institutional investors.

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.

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.