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

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large decline in short interest in May. As of May 15th, there was short interest totaling 30,774 shares, a decline of 38.6% from the April 30th total of 50,123 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average trading volume of 44,519 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Trading of China Automotive Systems

A number of hedge funds have recently added to or reduced their stakes in CAAS. XTX Topco Ltd acquired a new position in China Automotive Systems in the 4th quarter worth about $47,000. Virtu Financial LLC acquired a new stake in shares of China Automotive Systems during the third quarter valued at about $86,000. Citadel Advisors LLC bought a new stake in shares of China Automotive Systems during the third quarter worth about $213,000. Empowered Funds LLC grew its holdings in shares of China Automotive Systems by 8.6% during the first quarter. Empowered Funds LLC now owns 156,258 shares of the auto parts company’s stock worth $691,000 after purchasing an additional 12,402 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in China Automotive Systems by 2.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 301,155 shares of the auto parts company’s stock valued at $1,229,000 after buying an additional 8,547 shares during the last quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised China Automotive Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 20th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, China Automotive Systems has an average rating of “Hold”.

China Automotive Systems Price Performance

NASDAQ:CAAS traded down $0.05 during trading hours on Wednesday, reaching $4.49. 194 shares of the company were exchanged, compared to its average volume of 29,257. The business has a 50 day moving average of $4.43 and a 200 day moving average of $4.38. The company has a market capitalization of $135.43 million, a P/E ratio of 3.16 and a beta of 1.03. China Automotive Systems has a 1-year low of $3.86 and a 1-year high of $5.15.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings data on Wednesday, April 22nd. The auto parts company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.54. China Automotive Systems had a net margin of 5.59% and a return on equity of 10.58%. The business had revenue of $229.19 million for the quarter, compared to analysts’ expectations of $118.18 million.

About China Automotive Systems

China Automotive Systems, Inc (NASDAQ: CAAS) is a leading designer, manufacturer and marketer of power steering systems and related components primarily for the automotive industry in China. The company’s core business centers on hydraulic and electric power steering products, steering columns, steering gearboxes and electronic control units. By integrating research and development, manufacturing and sales, China Automotive Systems aims to deliver high-quality steering solutions that meet the performance and safety requirements of global automakers.

The company’s product portfolio includes traditional hydraulic power steering systems, which have long been favored for their reliability, as well as advanced electric power steering units that offer improved fuel efficiency and enhanced vehicle control.