StockNews.com Downgrades Caesarstone (NASDAQ:CSTE) to Hold

StockNews.com downgraded shares of Caesarstone (NASDAQ:CSTE) from a buy rating to a hold rating in a report released on Wednesday.

Caesarstone Stock Performance

Shares of CSTE opened at $4.35 on Wednesday. The company’s 50 day moving average price is $4.45 and its 200 day moving average price is $4.57. Caesarstone has a 52 week low of $3.76 and a 52 week high of $6.81. The company has a market capitalization of $150.21 million, a PE ratio of -2.16 and a beta of 0.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new stake in Caesarstone in the third quarter worth approximately $55,000. Empowered Funds LLC bought a new stake in shares of Caesarstone during the 3rd quarter worth $164,000. JPMorgan Chase & Co. raised its stake in Caesarstone by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock valued at $186,000 after purchasing an additional 26,705 shares during the last quarter. Barclays PLC raised its stake in Caesarstone by 87.5% during the 3rd quarter. Barclays PLC now owns 43,445 shares of the construction company’s stock valued at $198,000 after purchasing an additional 20,271 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Caesarstone by 1,206.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock valued at $213,000 after purchasing an additional 43,129 shares during the last quarter. 33.70% of the stock is owned by hedge funds and other institutional investors.

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.