Caesarstone Ltd. (NASDAQ:CSTE) Short Interest Up 1,056.9% in March

Caesarstone Ltd. (NASDAQ:CSTE) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 293,524 shares, a growth of 1,056.9% from the February 26th total of 25,371 shares. Based on an average trading volume of 4,512,249 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.8% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Caesarstone to a “sell” rating in a research report on Saturday, March 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Caesarstone Stock Up 6.6%

Shares of NASDAQ CSTE opened at $1.13 on Thursday. The business has a 50-day moving average price of $1.65 and a 200 day moving average price of $1.54. The stock has a market cap of $39.06 million, a PE ratio of -0.28 and a beta of -0.03. Caesarstone has a 52-week low of $0.56 and a 52-week high of $3.26.

Caesarstone (NASDAQ:CSTE) last released its quarterly earnings results on Wednesday, March 4th. The construction company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.10). Caesarstone had a negative return on equity of 24.33% and a negative net margin of 34.60%.The firm had revenue of $94.44 million for the quarter, compared to analyst estimates of $93.70 million.

Institutional Trading of Caesarstone

Institutional investors and hedge funds have recently bought and sold shares of the business. Pitcairn Co. purchased a new position in Caesarstone during the 2nd quarter worth $31,000. Virtu Financial LLC purchased a new position in shares of Caesarstone during the fourth quarter worth about $30,000. Quadrature Capital Ltd acquired a new position in Caesarstone in the 2nd quarter valued at about $36,000. Qube Research & Technologies Ltd purchased a new stake in Caesarstone during the 2nd quarter valued at approximately $56,000. Finally, GSA Capital Partners LLP acquired a new stake in Caesarstone during the 3rd quarter worth approximately $89,000. Hedge funds and other institutional investors own 33.70% of the company’s stock.

About Caesarstone

Caesarstone Ltd. is an Israel-based manufacturer specializing in engineered quartz surfaces for residential and commercial applications. The company’s core business centers on the design, production and marketing of quartz slabs and tiles used for kitchen countertops, bathroom vanities, flooring and wall cladding. Caesarstone’s products combine natural quartz with resins and pigments to deliver durable, low-maintenance surfaces known for their aesthetic versatility and resistance to scratches, stains and heat.

Founded in 1987 and headquartered at Kibbutz Sdot Yam, Israel, Caesarstone has grown into a global brand with distribution in over 50 countries.