China Automotive Systems (NASDAQ:CAAS) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of China Automotive Systems (NASDAQ:CAAS) from a buy rating to a hold rating in a research report released on Friday morning, reports.

According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “

Separately, ValuEngine raised China Automotive Systems from a hold rating to a buy rating in a report on Thursday, August 1st.

NASDAQ:CAAS traded down $0.09 during mid-day trading on Friday, reaching $2.06. 5,035 shares of the stock were exchanged, compared to its average volume of 13,468. The business’s fifty day moving average price is $2.26. The company has a market cap of $65.00 million, a price-to-earnings ratio of 25.75 and a beta of 1.54. China Automotive Systems has a 1-year low of $1.94 and a 1-year high of $5.00.

China Automotive Systems (NASDAQ:CAAS) last released its earnings results on Thursday, August 8th. The auto parts company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.07. The firm had revenue of $105.75 million for the quarter, compared to analyst estimates of $121.01 million. China Automotive Systems had a negative return on equity of 0.17% and a negative net margin of 0.11%. During the same period in the previous year, the company earned $0.03 earnings per share. Sell-side analysts anticipate that China Automotive Systems will post 0.17 earnings per share for the current year.

China Automotive Systems Company Profile

China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. The company 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 electronic systems and parts.

See Also: Buy Rating

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