The stock of Caesarstone Ltd. (NASDAQ:CSTE) is now priced at $11.31 and the shares are 0.25 points up or 2.26% higher compared to its previous closing price of $11.06. The stock had 94121 contracts set over the past session. CSTE shares’ daily volume is compared to its average trading volume at 0.114 million shares. However, it has a float of 20.25 million and although its performance was 5.01% over the week, it’s one to watch. Analysts have given the CSTE stock a yearly average price target of $11 per share. It means the stock’s downside potential is -2.74% with the CSTE share price recently placing at $11.25 to $11.62. However, some brokerage firms have priced the stock below the average, including one that has called $11.
The shorts are climbing into the Caesarstone Ltd. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the CSTE shares have risen. Short interest in the stock represents just 0.97% of its float, but the volume has raised by 42312. The volume of shorted shares rised to 196209 from 153897 shares over the last two weeks. The average intraday trading volume has been 105011 shares, which means that days to cover moved to roughly 1.868461.
In the last trading session, Caesarstone Ltd. (NASDAQ:CSTE) raised by $0.54 over the week and lost -$0.5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.85. The stock recorded its established 52-week high on 10/22/19.
Since 03/16/20, the stock has traded to a low of $7.65 at 47.84%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Caesarstone Ltd.’s two-week RSI is 55.39. This suggests that the stock is neutral at the moment and that CSTE shares’ price movement remains stable. The stochastic readings are equally revealing at 52.03% meaning the CSTE share price is currently in neutral territory.
The technical chart shows that the CSTE stock will likely settle at between $11.54 and $11.76 per share. However, if the stock dips below $11.17, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.02.
Currently, the stock is trading in the green of MACD, with a reading of 0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Stifel cut their recommendation for CSTE from Buy to Hold in February 13 review while maintai their target price of $19 to $12. Stifel analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $17 to $19 in a flash note released to investors on August 08. Credit Suisse seeing the stock struggling downgraded it from Neutral to Underperform on January 22.
The average rating for the CSTE equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Caesarstone Ltd. polled by Reuters, 1 rated CSTE as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CSTE stock price is 13X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 24below the group’s average of 49.3. Caesarstone Ltd. has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 4.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Caesarstone Ltd. (NASDAQ:CSTE) will decrease by about -99.92%, which will see them reach $102.55 million. The company’s full-year revenues are, however, expected to diminish by about -14.76%, down from $545.97 million to $465.36 million. CSTE’s expected adjusted earnings should drop almost -178.26% to end up at -$0.18 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -89.61% to record $0.08/share.