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

Caesarstone Ltd. (NASDAQ:CSTE) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 218,000 shares, an increase of 9.8% from the December 15th total of 198,600 shares. Based on an average daily volume of 45,600 shares, the short-interest ratio is currently 4.8 days. Currently, 1.1% of the shares of the stock are sold short.

Caesarstone Trading Up 0.5 %

CSTE stock traded up $0.02 during mid-day trading on Friday, reaching $4.20. 25,940 shares of the stock traded hands, compared to its average volume of 44,459. Caesarstone has a 52-week low of $3.76 and a 52-week high of $6.81. The company has a market cap of $145.03 million, a P/E ratio of -2.09 and a beta of 0.18. The stock’s fifty day moving average is $4.38 and its 200-day moving average is $4.67.

Institutional Trading of Caesarstone

Hedge funds have recently bought and sold shares of the company. Jane Street Group LLC purchased a new stake in Caesarstone during the third quarter valued at about $55,000. Rhumbline Advisers purchased a new stake in Caesarstone during the second quarter valued at about $107,000. Acadian Asset Management LLC purchased a new stake in Caesarstone during the second quarter valued at about $106,000. Empowered Funds LLC purchased a new stake in Caesarstone during the third quarter valued at about $164,000. Finally, JPMorgan Chase & Co. lifted its stake in Caesarstone by 189.5% during the third quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock valued at $186,000 after buying an additional 26,705 shares in the last quarter. 33.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.