NEW YORK (TheStreet) -- Shares of Caesarstone (CSTE) - Get Report were surging 15.43% to $41.51 on heavy trading volume mid-afternoon Wednesday after the Israel-based company posted better-than-expected results for the 2016 second quarter.

Before today's market open, the manufacturer of engineered quartz surfaces posted adjusted earnings of 73 cents per share, topping analysts' estimates of 65 cents per share.

Revenue climbed 11.6% to $142.3 million from last year and was higher than Wall Street's forecasts of $139.5 million.

For 2016, Caesarstone sees revenue between $550 million and $565 million. Analysts are modeling revenue of $557.3 million.

Additionally, the company expects to appoint a new CEO by the end of September. Current CEO Yos Shiran will leave the company on August 21.

Chairman Yonathan Melamed will act as the interim CEO.

About 1.66 million of the company's shares changed hands so far today, above its average volume of 413,721 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CSTE

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