China Automotive Systems (NASDAQ:CAAS) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a report published on Wednesday, reports. Zacks Investment Research currently has $2.75 price target on the auto parts company’s stock.

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. “

Other analysts have also issued research reports about the company. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Greenridge Global reaffirmed a buy rating on shares of China Automotive Systems in a research note on Friday, March 29th.

CAAS stock traded up $0.14 on Wednesday, reaching $2.45. The company’s stock had a trading volume of 1,848 shares, compared to its average volume of 34,966. The company has a fifty day moving average price of $2.29. China Automotive Systems has a 12-month low of $2.00 and a 12-month high of $5.00. The stock has a market capitalization of $76.00 million, a price-to-earnings ratio of 30.63 and a beta of 1.53.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings results on Thursday, May 9th. The auto parts company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. China Automotive Systems had a negative return on equity of 0.17% and a negative net margin of 0.11%. The company had revenue of $109.19 million during the quarter, compared to analyst estimates of $126.56 million. During the same quarter last year, the firm posted $0.14 earnings per share. On average, equities research analysts expect that China Automotive Systems will post 0.17 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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