Short Interest in Caesarstone Ltd. (CSTE) Drops By 36.3%

Caesarstone Ltd. (NASDAQ:CSTE) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 675,220 shares, a decline of 36.3% from the April 28th total of 1,059,213 shares. Based on an average daily volume of 304,818 shares, the short-interest ratio is currently 2.2 days. Approximately 3.0% of the company’s shares are short sold.

Caesarstone (NASDAQ:CSTE) traded up 2.06% during trading on Monday, hitting $34.70. The stock had a trading volume of 329,395 shares. The stock has a 50 day moving average price of $38.50 and a 200-day moving average price of $33.95. Caesarstone has a 12 month low of $26.35 and a 12 month high of $44.00. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 16.80 and a beta of 2.02.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings results on Wednesday, May 10th. The construction company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04. Caesarstone had a return on equity of 17.19% and a net margin of 13.29%. The firm had revenue of $136.40 million for the quarter, compared to the consensus estimate of $124.97 million. During the same period in the prior year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts predict that Caesarstone will post $2.06 EPS for the current year.

A number of brokerages have commented on CSTE. Chardan Capital cut Caesarstone from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $39.00 to $43.00 in a research note on Thursday, May 11th. Zacks Investment Research cut Caesarstone from a “hold” rating to a “sell” rating in a research note on Monday, May 15th. BidaskClub cut Caesarstone from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 9th. TheStreet raised Caesarstone from a “c” rating to a “b-” rating in a research note on Tuesday, April 11th. Finally, Stifel Nicolaus raised Caesarstone from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $47.00 in a research note on Friday, March 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $42.75.

Several large investors have recently modified their holdings of CSTE. Penserra Capital Management LLC increased its stake in shares of Caesarstone by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,944 shares of the construction company’s stock valued at $106,000 after buying an additional 256 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Caesarstone by 344.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,475 shares of the construction company’s stock valued at $126,000 after buying an additional 2,694 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in shares of Caesarstone by 5.1% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,948 shares of the construction company’s stock valued at $143,000 after buying an additional 191 shares during the last quarter. FNY Partners Fund LP acquired a new stake in shares of Caesarstone during the first quarter valued at $181,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Caesarstone during the first quarter valued at $214,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

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About Caesarstone

Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.

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