Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Rises By 9.8%

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a significant growth in short interest in 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. Approximately 1.1% of the shares of the company are short sold. Based on an average daily volume of 45,600 shares, the days-to-cover ratio is currently 4.8 days.

Institutional Trading of Caesarstone

Several institutional investors and hedge funds have recently made changes to their positions in CSTE. Jane Street Group LLC purchased a new stake in Caesarstone during the third quarter valued at about $55,000. Acadian Asset Management LLC bought a new position in shares of Caesarstone during the 2nd quarter valued at about $106,000. Rhumbline Advisers purchased a new position in shares of Caesarstone during the 2nd quarter valued at about $107,000. Empowered Funds LLC bought a new stake in Caesarstone in the 3rd quarter worth approximately $164,000. Finally, JPMorgan Chase & Co. lifted its position in Caesarstone by 189.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock worth $186,000 after buying an additional 26,705 shares during the last quarter. Hedge funds and other institutional investors own 33.70% of the company’s stock.

Caesarstone Stock Performance

Caesarstone stock traded up $0.02 during mid-day trading on Friday, hitting $4.20. 25,940 shares of the company traded hands, compared to its average volume of 44,459. Caesarstone has a one year low of $3.76 and a one year high of $6.81. The stock has a market cap of $145.03 million, a price-to-earnings ratio of -2.09 and a beta of 0.18. The stock has a fifty day moving average price of $4.38 and a 200-day moving average price of $4.67.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Caesarstone from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th.

Caesarstone Company Profile

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.