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

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of China Automotive Systems by 14.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after acquiring an additional 11,197 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of China Automotive Systems during the 2nd quarter worth $36,000. Renaissance Technologies LLC boosted its stake 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 last quarter. Finally, Empowered Funds LLC boosted its stake in shares of 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 acquiring an additional 6,968 shares during the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

China Automotive Systems Stock Performance

CAAS stock remained flat at $3.93 on Thursday. 2,909 shares of the company traded hands, compared to its average volume of 21,697. China Automotive Systems has a 52 week low of $3.07 and a 52 week high of $4.97. The company has a 50-day moving average of $4.24 and a 200-day moving average of $4.04. The company has a market capitalization of $118.65 million, a PE ratio of 3.74 and a beta of 2.35.

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

China Automotive Systems Company Profile

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.