Caesarstone Ltd. (NASDAQ:CSTE) Sees Large Growth in Short Interest

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 247,500 shares, an increase of 22.5% from the February 28th total of 202,000 shares. Approximately 1.2% of the shares of the company are short sold. Based on an average daily volume of 48,600 shares, the days-to-cover ratio is presently 5.1 days.

Caesarstone Stock Performance

Shares of Caesarstone stock traded down $0.17 during trading on Thursday, hitting $2.29. 14,997 shares of the company’s stock were exchanged, compared to its average volume of 79,436. The stock has a market capitalization of $79.12 million, a price-to-earnings ratio of -1.15 and a beta of 0.10. The business has a 50-day simple moving average of $3.57 and a 200-day simple moving average of $4.11. Caesarstone has a 52-week low of $2.27 and a 52-week high of $6.81.

Caesarstone (NASDAQ:CSTE) last released its quarterly earnings data 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). Caesarstone had a negative net margin of 14.56% and a negative return on equity of 9.61%. The company had revenue of $97.86 million for the quarter, compared to analysts’ expectations of $99.40 million. During the same quarter in the previous year, the business posted ($0.28) EPS.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Caesarstone in a report on Tuesday, March 11th. They issued a “hold” rating on the stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Global Alpha Capital Management Ltd. grew its stake in shares of Caesarstone by 1.0% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 3,048,348 shares of the construction company’s stock worth $12,955,000 after purchasing an additional 29,100 shares during the period. RBF Capital LLC increased its holdings in Caesarstone by 3.8% in the fourth quarter. RBF Capital LLC now owns 388,107 shares of the construction company’s stock valued at $1,658,000 after buying an additional 14,214 shares in the last quarter. Northern Trust Corp raised its position in shares of Caesarstone by 100.6% in the fourth quarter. Northern Trust Corp now owns 287,067 shares of the construction company’s stock worth $1,220,000 after acquiring an additional 143,963 shares during the period. State Street Corp boosted its stake 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 acquiring an additional 2,640 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Caesarstone by 98.8% during the 4th quarter. JPMorgan Chase & Co. now owns 81,088 shares of the construction company’s stock valued at $345,000 after acquiring an additional 40,291 shares during the period. 33.70% of the stock is owned by institutional investors and hedge funds.

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.