China Automotive Systems (NASDAQ:CAAS) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a report issued on Wednesday morning, reports. They currently have $2.25 price objective 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. “

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

Shares of NASDAQ CAAS opened at $1.93 on Wednesday. China Automotive Systems has a twelve month low of $1.70 and a twelve month high of $5.00. The company has a market capitalization of $59.85 million, a price-to-earnings ratio of 47.50 and a beta of 1.59. The business has a 50 day simple moving average of $2.01 and a 200-day simple moving average of $2.36.

China Automotive Systems (NASDAQ:CAAS) last issued its quarterly earnings results on Thursday, August 8th. The auto parts company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $105.75 million during the quarter, compared to the consensus estimate of $121.01 million. During the same period in the previous year, the business earned $0.03 EPS. Research analysts forecast that China Automotive Systems will post 0.16 EPS for the current year.

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% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 1.07% of China Automotive Systems worth $827,000 at the end of the most recent reporting period. 2.70% of the stock is owned by institutional investors and hedge funds.

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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