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

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

China Automotive Systems Stock Performance

Shares of NASDAQ CAAS opened at $4.05 on Friday. The firm has a market cap of $122.27 million, a price-to-earnings ratio of 3.86 and a beta of 2.35. The stock’s 50-day simple moving average is $4.13 and its 200-day simple moving average is $4.08. China Automotive Systems has a 1 year low of $3.17 and a 1 year high of $4.97.

China Automotive Systems announced that its Board of Directors has authorized a stock buyback plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. American Century Companies Inc. bought a new stake in shares of China Automotive Systems in the 2nd quarter valued at approximately $36,000. Renaissance Technologies LLC increased its stake in China Automotive Systems by 1.7% during the second 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 during the last quarter. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.4% during the third 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, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 worth $401,000 after buying an additional 11,197 shares during the last quarter. Institutional investors own 5.17% of the company’s stock.

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.