China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Significant Drop in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 16,800 shares, a decrease of 13.0% from the July 31st total of 19,300 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 14,100 shares, the short-interest ratio is presently 1.2 days.

Several analysts recently weighed in on CAAS shares. ValuEngine upgraded China Automotive Systems from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Zacks Investment Research lowered China Automotive Systems from a “buy” rating to a “hold” rating in a report on Friday, August 9th.

A hedge fund recently raised its stake in China Automotive Systems stock. Renaissance Technologies LLC boosted its stake in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 6.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,124 shares of the auto parts company’s stock after purchasing an additional 20,433 shares during the quarter. Renaissance Technologies LLC owned about 1.07% of China Automotive Systems worth $827,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 2.70% of the stock is currently owned by institutional investors and hedge funds.

Shares of China Automotive Systems stock traded up $0.02 during trading on Friday, hitting $2.26. 22,301 shares of the stock traded hands, compared to its average volume of 19,992. China Automotive Systems has a 52-week low of $1.70 and a 52-week high of $5.00. The stock’s fifty day simple moving average is $1.99 and its 200 day simple moving average is $2.60. The firm has a market cap of $72.13 million, a P/E ratio of 57.25 and a beta of 1.57.

China Automotive Systems (NASDAQ:CAAS) last issued its quarterly earnings data on Thursday, August 8th. The auto parts company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.07. China Automotive Systems had a return on equity of 0.37% and a net margin of 0.26%. The company had revenue of $105.75 million for the quarter, compared to the consensus estimate of $121.01 million. During the same quarter last year, the company earned $0.03 earnings per share. On average, equities research analysts anticipate that China Automotive Systems will post 0.16 earnings per share for the current fiscal year.

About China Automotive Systems

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.

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