Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Drops By 5.1%

Caesarstone Ltd. (NASDAQ:CSTE) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 198,600 shares, a drop of 5.1% from the November 30th total of 209,300 shares. Based on an average daily trading volume, of 42,300 shares, the short-interest ratio is currently 4.7 days. Currently, 1.0% of the company’s stock are short sold.

Caesarstone Stock Down 2.5 %

NASDAQ:CSTE opened at $4.25 on Thursday. The company has a market capitalization of $146.76 million, a PE ratio of -2.11 and a beta of 0.17. Caesarstone has a 52-week low of $3.76 and a 52-week high of $6.81. The stock’s 50 day moving average price is $4.38 and its 200 day moving average price is $4.74.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Caesarstone from a “buy” rating to a “hold” rating in a research report on Wednesday, December 25th.

Institutional Investors Weigh In On Caesarstone

Several large investors have recently modified their holdings of CSTE. Bank of New York Mellon Corp purchased a new stake in Caesarstone in the 2nd quarter valued at $293,000. Rhumbline Advisers acquired a new position in Caesarstone in the second quarter valued at $107,000. Acadian Asset Management LLC purchased a new stake in shares of Caesarstone in the second quarter valued at about $106,000. Empowered Funds LLC purchased a new stake in shares of Caesarstone in the third quarter valued at about $164,000. Finally, Global Alpha Capital Management Ltd. boosted its stake in shares of Caesarstone by 1.6% during the third quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company’s stock worth $13,768,000 after buying an additional 48,200 shares during the period. 33.70% of the stock is owned by institutional investors and hedge funds.

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.