China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Down 71.7% in December

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 20,600 shares, a decline of 71.7% from the December 15th total of 72,700 shares. Based on an average daily volume of 77,000 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the company’s shares are short sold.

Institutional investors have recently made changes to their positions in the stock. Zacks Investment Management bought a new position in China Automotive Systems in the 3rd quarter worth about $33,000. MARSHALL WACE ASIA Ltd bought a new position in China Automotive Systems in the 3rd quarter worth about $43,000. Morgan Stanley boosted its stake in China Automotive Systems by 3,918.7% in the 2nd quarter. Morgan Stanley now owns 12,056 shares of the auto parts company’s stock worth $59,000 after purchasing an additional 11,756 shares in the last quarter. Invesco Ltd. boosted its stake in China Automotive Systems by 21.6% in the 3rd quarter. Invesco Ltd. now owns 21,611 shares of the auto parts company’s stock worth $70,000 after purchasing an additional 3,834 shares in the last quarter. Finally, Millennium Management LLC bought a new position in China Automotive Systems in the 2nd quarter worth about $292,000. Institutional investors own 3.30% of the company’s stock.

A number of research analysts have issued reports on the stock. Greenridge Global boosted their price objective on shares of China Automotive Systems from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, November 15th. Zacks Investment Research downgraded shares of China Automotive Systems from a “buy” rating to a “hold” rating in a research report on Friday.

Shares of CAAS stock opened at $2.67 on Friday. China Automotive Systems has a 12 month low of $2.48 and a 12 month high of $8.75. The stock has a market cap of $82.37 million, a PE ratio of 29.67 and a beta of 2.91. The company’s fifty day moving average price is $3.06 and its 200-day moving average price is $3.55.

China Automotive Systems (NASDAQ:CAAS) last announced its earnings results on Friday, November 12th. The auto parts company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.06). China Automotive Systems had a net margin of 0.57% and a return on equity of 1.99%. The business had revenue of $108.23 million for the quarter, compared to the consensus estimate of $119.39 million. During the same quarter last year, the firm posted $0.08 EPS. Equities research analysts expect that China Automotive Systems will post 0.26 earnings per share for the current year.

About China Automotive Systems

China Automotive Systems, Inc is a holding company, which engages in the manufacture and sale of automotive products, through its subsidiaries. It operates through the following geographical segments: Henglong, Jiulong, Shenyang, Wuhu, Hubei Henglong, Henglong KYB, and Other Entities. It also supplies power steering systems and component.

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