China BAK Battery, Inc. (NASDAQ:CBAT) Short Interest Up 32.3% in August

Key Points

• Short interest in China BAK Battery, Inc. increased by 32.3% in August, totaling 1,260,000 shares, representing approximately 1.8% of the company's shares.
• China BAK Battery reported earnings per share of ($0.03), beating estimates by $0.01, and revenue of $40.52 million compared to the consensus estimate of $33.56 million.
• Wall Street analysts have upgraded China BAK Battery's rating from "sell" to "hold," indicating a more favorable outlook for the stock.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 1,260,000 shares, anincreaseof32.3% from the July 31st total of 952,400 shares. Approximately1.8% of the company's shares are short sold. Based on an average daily volume of 241,000 shares, the short-interest ratio is currently 5.2 days. Based on an average daily volume of 241,000 shares, the short-interest ratio is currently 5.2 days. Approximately1.8% of the company's shares are short sold.

Institutional Investors Weigh In On China BAK Battery

Several institutional investors and hedge funds have recently made changes to their positions in CBAT. XTX Topco Ltd bought a new stake in shares of China BAK Battery during the first quarter valued at approximately $27,000. Empowered Funds LLC increased its position in shares of China BAK Battery by 8.7% during the first quarter. Empowered Funds LLC now owns 355,536 shares of the electronics maker's stock valued at $283,000 after acquiring an additional 28,411 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of China BAK Battery by 2.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 687,125 shares of the electronics maker's stock valued at $646,000 after acquiring an additional 16,788 shares in the last quarter. Institutional investors own 1.97% of the company's stock.

China BAK Battery Price Performance

Shares of NASDAQ CBAT opened at $0.91 on Tuesday. China BAK Battery has a fifty-two week low of $0.57 and a fifty-two week high of $1.30. The company has a 50 day simple moving average of $1.01 and a two-hundred day simple moving average of $0.92. The company has a market capitalization of $80.67 million, a price-to-earnings ratio of -9.10 and a beta of 1.88. 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 (NASDAQ:CBAT - Get Free Report) last announced its earnings results on Monday, August 18th. The electronics maker reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. The business had revenue of $40.52 million during the quarter, compared to the consensus estimate of $33.56 million. China BAK Battery had a negative net margin of 6.29% and a negative return on equity of 7.54%. Analysts expect that China BAK Battery will post 0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of China BAK Battery from a "sell" rating to a "hold" rating in a report on Saturday, June 14th.

China BAK Battery Company Profile

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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