China Automotive Systems (NASDAQ:CAAS) Announces Earnings Results

China Automotive Systems (NASDAQ:CAAS) released its quarterly earnings data on Thursday. The auto parts company reported $0.36 earnings per share (EPS) for the quarter, RTT News reports. The firm had revenue of $159.16 million during the quarter. China Automotive Systems had a return on equity of 9.22% and a net margin of 5.69%. China Automotive Systems updated its FY 2024 guidance to EPS.

China Automotive Systems Trading Up 5.3 %

NASDAQ CAAS traded up $0.18 during trading on Friday, hitting $3.55. 129,699 shares of the company traded hands, compared to its average volume of 29,197. China Automotive Systems has a 12 month low of $3.04 and a 12 month high of $6.09. The business has a fifty day simple moving average of $3.37 and a 200 day simple moving average of $3.42. The company has a market capitalization of $107.17 million, a P/E ratio of 3.45 and a beta of 2.44.

Hedge Funds Weigh In On China Automotive Systems

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. bought a new position in China Automotive Systems during the fourth quarter valued at about $31,000. Zacks Investment Management bought a new position in shares of China Automotive Systems in the second quarter worth about $49,000. American Century Companies Inc. bought a new position in shares of China Automotive Systems in the first quarter worth about $50,000. Tower Research Capital LLC TRC bought a new position in shares of China Automotive Systems in the first quarter worth about $54,000. Finally, XTX Topco Ltd bought a new position in shares of China Automotive Systems in the first quarter worth about $63,000. 5.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered China Automotive Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, March 18th.

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 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 electronic and hydraulic power steering systems and parts.