China BAK Battery, Inc. (NASDAQ:CBAT) Sees Large Decrease in Short Interest

Key Points

• China BAK Battery, Inc. (NASDAQ:CBAT) experienced a 30.4% decrease in short interest in September, decreasing from 790,100 shares to 549,900 shares.
• A hedge fund, XTX Topco Ltd, bought a new stake of 34,119 shares in the company during the first quarter, increasing institutional ownership to 1.97%.
• The stock is currently rated as a "Sell" by analysts, with a reported negative net margin of 6.29% and an EPS prediction of 0.19 for the current fiscal year.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 549,900 shares, a drop of 30.4% from the September 15th total of 790,100 shares. Based on an average daily volume of 191,300 shares, the days-to-cover ratio is currently 2.9 days. Approximately 0.8% of the shares of the company are sold short. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 191,300 shares, the days-to-cover ratio is currently 2.9 days.

Hedge Funds Weigh In On China BAK Battery

A hedge fund recently bought a new stake in China BAK Battery stock. XTX Topco Ltd bought a new stake in China BAK Battery, Inc. (NASDAQ:CBAT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,119 shares of the electronics maker's stock, valued at approximately $27,000. 1.97% of the stock is currently owned by institutional investors and hedge funds.

China BAK Battery Trading Down 1.2%

Shares of NASDAQ:CBAT traded down $0.01 during mid-day trading on Thursday, reaching $0.96. 10,857 shares of the company's stock were exchanged, compared to its average volume of 257,958. The firm has a market capitalization of $84.75 million, a price-to-earnings ratio of -9.56 and a beta of 2.73. The business's fifty day moving average price is $0.94 and its 200-day moving average price is $0.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.53 and a current ratio of 0.72. China BAK Battery has a twelve month low of $0.57 and a twelve month high of $1.28.

China BAK Battery (NASDAQ:CBAT - Get Free Report) last issued its quarterly earnings results on Monday, August 18th. The electronics maker reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $40.52 million for the quarter, compared to analyst estimates of $33.56 million. China BAK Battery had a negative net margin of 6.29% and a negative return on equity of 7.54%. On average, research analysts predict that China BAK Battery will post 0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d)" rating on shares of China BAK Battery in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of "Sell".

About China BAK Battery

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.

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