Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Declines By 14.1%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 70,800 shares, a drop of 14.1% from the August 15th total of 82,400 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 48,100 shares, the days-to-cover ratio is currently 1.5 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on China Automotive Systems in a report on Thursday, August 17th. They issued a “strong-buy” rating for the company.

Institutional Investors Weigh In On China Automotive Systems

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. acquired a new position in China Automotive Systems in the fourth quarter valued at approximately $31,000. Zacks Investment Management acquired a new position in China Automotive Systems in the second quarter valued at approximately $49,000. American Century Companies Inc. acquired a new position in China Automotive Systems in the first quarter valued at approximately $50,000. Virtu Financial LLC acquired a new position in China Automotive Systems in the second quarter valued at approximately $51,000. Finally, Tower Research Capital LLC TRC acquired a new position in China Automotive Systems in the first quarter valued at approximately $54,000. Institutional investors and hedge funds own 5.98% of the company’s stock.

China Automotive Systems Price Performance

NASDAQ CAAS traded down $0.13 during trading on Monday, hitting $3.76. The company’s stock had a trading volume of 38,375 shares, compared to its average volume of 110,317. The company has a market cap of $113.51 million, a PE ratio of 3.92 and a beta of 2.44. The business’s 50 day simple moving average is $4.70 and its 200-day simple moving average is $5.01. China Automotive Systems has a fifty-two week low of $3.67 and a fifty-two week high of $9.70.

China Automotive Systems (NASDAQ:CAAS) last released its earnings results on Friday, August 11th. The auto parts company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.24. China Automotive Systems had a return on equity of 8.82% and a net margin of 5.32%. The firm had revenue of $137.41 million during the quarter. During the same period last year, the firm earned $0.31 EPS.

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.