Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 26.2%
China Automotive Systems, Inc. (NASDAQ:CAAS) experienced a 26.2% decline in short interest in November, with 7,900 shares short as of November 30th. This represents 0.1% of the company's shares. The short-interest ratio is 0.1 days based on an average trading volume of 65,000 shares. The company also announced a stock repurchase plan to buy back $1 million in shares, indicating management's belief that the stock is undervalued. Institutional investors hold 5.17% of the company's stock, with several increasing their stakes recently.
China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 7,900 shares, a decline of 26.2% from the November 15th total of 10,700 shares. Based on an average daily trading volume, of 65,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the company's shares are short sold.
China Automotive Systems Stock Performance
Shares of China Automotive Systems stock traded down $0.05 on Friday, reaching $4.38. 11,815 shares of the company's stock were exchanged, compared to its average volume of 55,729. The company has a market capitalization of $132.21 million, a P/E ratio of 4.17 and a beta of 2.33. China Automotive Systems has a 52 week low of $3.05 and a 52 week high of $4.97. The firm's 50-day moving average is $4.42 and its two-hundred day moving average is $4.02.
China Automotive Systems announced that its board has authorized a stock repurchase plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On China Automotive Systems
Several institutional investors have recently made changes to their positions in CAAS. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of China Automotive Systems by 14.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company's stock valued at $401,000 after buying an additional 11,197 shares during the period. American Century Companies Inc. bought a new position in China Automotive Systems in the second quarter worth approximately $36,000. Empowered Funds LLC grew its stake in China Automotive Systems by 5.4% in the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company's stock valued at $629,000 after acquiring an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of China Automotive Systems by 1.7% during the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company's stock valued at $1,491,000 after acquiring an additional 6,900 shares in the last quarter. Institutional investors and hedge funds own 5.17% of the company's stock.
About China Automotive Systems
(Get Free Report)China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China, the United States, and internationally. It produces rack and pinion power steering gears for cars and light-duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronics and systems and parts.
Further Reading
- Five stocks we like better than China Automotive Systems
- Low PE Growth Stocks: Unlocking Investment Opportunities
- Dave & Buster’s: Is It Time to Make Another Play on This Stock?
- How the NYSE and NASDAQ are Different, Why That Matters to Investors
- Why Hershey Stock Has More Room to Run Despite Takeover Rejection
- 3 Tickers Leading a Meme Stock Revival
- Texas Instruments: The Old-School Tech Titan Still Delivering
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
→ URGENT: This Altcoin Opportunity Won’t Wait – Act Now (From Crypto Swap Profits) (Ad)
Should you invest $1,000 in China Automotive Systems right now?
Before you consider China Automotive Systems, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and China Automotive Systems wasn't on the list.
While China Automotive Systems currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
