Caesarstone (NASDAQ:CSTE) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Caesarstone Ltd. (NASDAQ:CSTE) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $2.09 and traded as low as $1.60. Caesarstone shares last traded at $1.69, with a volume of 377,625 shares trading hands.

Analysts Set New Price Targets

A number of analysts have commented on CSTE shares. Wall Street Zen upgraded shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Caesarstone in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Caesarstone Stock Performance

The firm has a market capitalization of $59.49 million, a P/E ratio of -0.42 and a beta of 0.41. The stock has a 50 day moving average of $2.81 and a 200-day moving average of $2.08.

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

Institutional Inflows and Outflows

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 first quarter, according to its most recent 13F filing with the SEC. 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 as of its most recent SEC filing. Institutional investors and hedge funds own 33.70% of the company’s stock.

Caesarstone Company Profile

Caesarstone Ltd. (NASDAQ: CSTE) is a manufacturer and distributor of engineered surfaces used primarily in residential and commercial construction and remodeling. The company is best known for quartz surfaces designed for kitchen countertops, bathroom vanities and other interior applications.

Its product portfolio also includes porcelain and natural stone surfaces, along with related designs for wall cladding, flooring, tables and outdoor areas. Caesarstone markets its products through distributors, fabricators, retailers, kitchen and bath specialists, and other building-materials channels.

Founded in 1987 and headquartered in Israel, Caesarstone serves customers in markets around the world, including North America, Australia, Europe and other international regions.