Caesarstone (NASDAQ:CSTE) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Caesarstone Ltd. (NASDAQ:CSTE) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.86 and traded as high as $5.04. Caesarstone shares last traded at $5.00, with a volume of 64,997 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Caesarstone from a “buy” rating to a “hold” rating in a report on Monday, November 25th.

Caesarstone Trading Down 1.4 %

The company has a market cap of $170.23 million, a price-to-earnings ratio of -2.45 and a beta of 0.17. The firm’s fifty day moving average price is $4.36 and its 200-day moving average price is $4.85.

Institutional Investors Weigh In On Caesarstone

A number of hedge funds have recently modified their holdings of CSTE. Empowered Funds LLC bought a new stake in Caesarstone during the 3rd quarter worth approximately $164,000. Bank of New York Mellon Corp bought a new stake in shares of Caesarstone during the second quarter worth $293,000. Rhumbline Advisers acquired a new stake in shares of Caesarstone during the second quarter worth $107,000. Acadian Asset Management LLC bought a new stake in Caesarstone in the 2nd quarter valued at $106,000. Finally, Gladius Capital Management LP bought a new stake in Caesarstone in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 33.70% of the company’s stock.

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.