Caesarstone (NASDAQ:CSTE) Share Price Breaks Above Two Hundred Day Moving Average – Here’s Why

Caesarstone Ltd. (NASDAQ:CSTE) shares crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $2.15 and traded as high as $2.97. Caesarstone shares last traded at $2.78, with a volume of 30,850 shares.

Analyst Ratings Changes

A number of research analysts recently weighed in on CSTE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Caesarstone in a research note on Thursday, August 6th. Wall Street Zen upgraded Caesarstone from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Caesarstone Stock Up 0.7%

The company has a 50-day moving average price of $2.93 and a 200-day moving average price of $2.16. The company has a market capitalization of $95.76 million, a price-to-earnings ratio of -0.67 and a beta of 0.41.

Caesarstone (NASDAQ:CSTE) last announced its earnings results on Wednesday, August 5th. The construction company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.16. The firm had revenue of $96.55 million during the quarter, compared to the consensus estimate of $102.50 million. Caesarstone had a negative return on equity of 32.36% and a negative net margin of 37.37%.

Hedge Funds Weigh In On Caesarstone

A hedge fund recently raised its stake in Caesarstone stock. Empowered Funds LLC increased its holdings in Caesarstone Ltd. (NASDAQ:CSTE) by 10.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,008 shares of the construction company’s stock after purchasing an additional 5,584 shares during the period. Empowered Funds LLC owned approximately 0.17% of Caesarstone worth $62,000 at the end of the most recent quarter. 33.70% of the stock is owned by hedge funds and other institutional investors.

About Caesarstone

Caesarstone Ltd. is a manufacturer and marketer of engineered stone and other surface materials used primarily in residential and commercial construction and renovation. The company is best known for quartz surfaces designed for kitchen countertops, bathroom vanities, backsplashes, flooring, wall cladding and other interior applications.

Its product portfolio also includes porcelain and natural stone surfaces, with designs offered in a range of colors, patterns and finishes. Caesarstone sells its products through distributors, retailers, fabricators, kitchen and bath specialists, and building-material channels to homeowners, designers, contractors, builders and commercial customers.

Founded in 1987, Caesarstone originated in Israel and expanded into international markets, serving customers across North America, Europe, Asia-Pacific and other regions.