China BAK Battery, Inc. (NASDAQ:CBAT) Sees Significant Increase in Short Interest

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) was the target of a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 1,260,000 shares, a growth of 32.3% from the July 31st total of 952,400 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 241,000 shares, the days-to-cover ratio is currently 5.2 days. Based on an average daily trading volume, of 241,000 shares, the days-to-cover ratio is currently 5.2 days. Currently, 1.8% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

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

China BAK Battery Trading Up 0.7%

CBAT traded up $0.01 on Friday, reaching $0.88. 88,096 shares of the company's stock were exchanged, compared to its average volume of 174,760. The company's 50 day moving average is $0.98 and its 200-day moving average is $0.92. The company has a market cap of $78.11 million, a price-to-earnings ratio of -8.81 and a beta of 1.88. China BAK Battery has a twelve month low of $0.57 and a twelve month high of $1.30. 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 posted its earnings results on Monday, August 18th. The electronics maker reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm 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%. Equities analysts predict that China BAK Battery will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On China BAK Battery

A number of institutional investors and hedge funds have recently bought and sold shares of CBAT. XTX Topco Ltd purchased a new position in China BAK Battery in the 1st quarter worth approximately $27,000. Empowered Funds LLC raised its position in shares of China BAK Battery by 8.7% during the 1st 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 raised its position in shares of China BAK Battery by 2.5% during the 4th 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. Hedge funds and other institutional investors own 1.97% of the company's stock.

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.