Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Grows By 22.5%

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a large 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 company’s shares are sold short. Based on an average trading volume of 48,600 shares, the days-to-cover ratio is presently 5.1 days.

Caesarstone Stock Performance

CSTE opened at $2.43 on Tuesday. The stock’s 50-day moving average price is $3.64 and its 200 day moving average price is $4.14. Caesarstone has a 12-month low of $2.40 and a 12-month high of $6.81. The firm has a market cap of $83.95 million, a price-to-earnings ratio of -1.21 and a beta of 0.10.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings results on Wednesday, March 5th. The construction company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.12). The business had revenue of $97.86 million for the quarter, compared to analyst estimates of $99.40 million. Caesarstone had a negative return on equity of 9.61% and a negative net margin of 14.56%. During the same period in the prior year, the company posted ($0.28) EPS.

Hedge Funds Weigh In On Caesarstone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Alpha Capital Management Ltd. increased its position in shares of Caesarstone by 1.0% during the fourth quarter. Global Alpha Capital Management Ltd. now owns 3,048,348 shares of the construction company’s stock worth $12,955,000 after acquiring an additional 29,100 shares during the period. RBF Capital LLC grew its stake in Caesarstone by 3.8% during the 4th quarter. RBF Capital LLC now owns 388,107 shares of the construction company’s stock worth $1,658,000 after purchasing an additional 14,214 shares in the last quarter. Northern Trust Corp increased its holdings in Caesarstone by 100.6% during the 4th quarter. Northern Trust Corp now owns 287,067 shares of the construction company’s stock worth $1,220,000 after purchasing an additional 143,963 shares during the period. State Street Corp raised its position in Caesarstone by 1.6% in the 3rd quarter. State Street Corp now owns 163,335 shares of the construction company’s stock valued at $745,000 after purchasing an additional 2,640 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Caesarstone by 98.8% in the 4th quarter. JPMorgan Chase & Co. now owns 81,088 shares of the construction company’s stock valued at $345,000 after buying an additional 40,291 shares during the period. Hedge funds and other institutional investors own 33.70% of the company’s stock.

Analyst Ratings Changes

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

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.