Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Rises By 34.9%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a large growth in short interest in January. As of January 15th, there was short interest totalling 11,200 shares, a growth of 34.9% from the December 31st total of 8,300 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 48,600 shares, the days-to-cover ratio is currently 0.2 days.

China Automotive Systems Stock Down 3.1 %

NASDAQ CAAS opened at $4.05 on Friday. China Automotive Systems has a fifty-two week low of $3.17 and a fifty-two week high of $4.97. The business has a fifty day moving average of $4.13 and a 200-day moving average of $4.08. The stock has a market cap of $122.27 million, a price-to-earnings ratio of 3.86 and a beta of 2.35.

China Automotive Systems declared that its Board of Directors has authorized a stock buyback plan on Monday, November 18th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. American Century Companies Inc. purchased a new stake in shares of China Automotive Systems in the second quarter valued at $36,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in China Automotive Systems by 14.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock valued at $401,000 after buying an additional 11,197 shares during the period. Empowered Funds LLC increased its stake in shares of China Automotive Systems by 5.2% during the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock valued at $590,000 after acquiring an additional 7,119 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after acquiring an additional 6,900 shares during the period. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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 United States, 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 electronics and systems and parts.