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

Caesarstone Ltd. (NASDAQ:CSTE) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 218,000 shares, a growth of 9.8% from the December 15th total of 198,600 shares. Based on an average daily volume of 45,600 shares, the days-to-cover ratio is presently 4.8 days. Currently, 1.1% of the company’s stock are sold short.

Hedge Funds Weigh In On Caesarstone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSTE. Jane Street Group LLC bought a new position in Caesarstone during the third quarter valued at approximately $55,000. Acadian Asset Management LLC bought a new position in Caesarstone during the second quarter valued at approximately $106,000. Rhumbline Advisers bought a new position in Caesarstone during the second quarter valued at approximately $107,000. Empowered Funds LLC bought a new position in Caesarstone during the third quarter valued at approximately $164,000. Finally, JPMorgan Chase & Co. raised its position in Caesarstone by 189.5% during the third quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock valued at $186,000 after acquiring an additional 26,705 shares in the last quarter. Institutional investors own 33.70% of the company’s stock.

Caesarstone Price Performance

CSTE traded up $0.02 during midday trading on Friday, hitting $4.20. 25,940 shares of the company’s stock traded hands, compared to its average volume of 44,459. The company has a market cap of $145.03 million, a PE ratio of -2.09 and a beta of 0.18. The stock’s fifty day simple moving average is $4.38 and its 200-day simple moving average is $4.67. Caesarstone has a one year low of $3.76 and a one year high of $6.81.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Caesarstone from a “hold” rating to a “buy” rating in a research report on Tuesday.

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.