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

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a large growth in short interest during the month of 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 trading volume of 45,600 shares, the days-to-cover ratio is presently 4.8 days. Currently, 1.1% of the company’s shares are short sold.

Caesarstone Trading Up 0.5 %

CSTE stock traded up $0.02 during midday trading on Friday, hitting $4.20. The stock had a trading volume of 25,940 shares, compared to its average volume of 44,459. The firm has a market cap of $145.03 million, a P/E ratio of -2.09 and a beta of 0.18. The business has a fifty day moving average price of $4.38 and a two-hundred day moving average price of $4.67. Caesarstone has a 1-year low of $3.76 and a 1-year high of $6.81.

Institutional Investors Weigh In On Caesarstone

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Caesarstone by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock worth $186,000 after purchasing an additional 26,705 shares in the last quarter. Barclays PLC grew its holdings in Caesarstone by 87.5% during the third quarter. Barclays PLC now owns 43,445 shares of the construction company’s stock worth $198,000 after buying an additional 20,271 shares in the last quarter. Jane Street Group LLC bought a new stake in Caesarstone during the third quarter worth $55,000. 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 buying an additional 2,640 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Caesarstone by 1,206.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock valued at $213,000 after acquiring an additional 43,129 shares in the last quarter. Institutional investors own 33.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Caesarstone from a “hold” rating to a “buy” rating in a research note on Tuesday, January 14th.

About Caesarstone

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.