China Automotive Systems (NASDAQ:CAAS) Shares Cross Above 200 Day Moving Average – Should You Sell?

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.01 and traded as high as $4.45. China Automotive Systems shares last traded at $4.43, with a volume of 8,260 shares.

China Automotive Systems Stock Performance

The company has a market capitalization of $132.21 million, a P/E ratio of 4.17 and a beta of 2.33. The firm’s fifty day moving average is $4.42 and its 200 day moving average is $4.02.

China Automotive Systems declared that its board has approved a share buyback program on Monday, November 18th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On China Automotive Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAAS. American Century Companies Inc. purchased a new position in shares of China Automotive Systems during the second quarter worth approximately $36,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in China Automotive Systems by 14.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC increased its holdings in China Automotive Systems by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after purchasing an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC raised its position in 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 valued at $1,491,000 after purchasing an additional 6,900 shares in the last quarter. 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.