China BAK Battery (NASDAQ:CBAT) Announces Earnings Results

Key Points

• China BAK Battery (NASDAQ:CBAT) reported a quarterly earnings per share of ($0.03), beating analyst estimates by $0.01.
• Wall Street Zen upgraded CBAT shares from a "sell" to a "hold" rating, indicating positive sentiment among analysts.
• An institutional investor, Empowered Funds LLC, raised its stake in China BAK Battery by 8.7%, reflecting growing interest from institutional investors.

China BAK Battery (NASDAQ:CBAT - Get Free Report) posted its earnings results on Monday. The electronics maker reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01, Zacks reports. The firm had revenue of $40.52 million during the quarter, compared to analysts' expectations of $33.56 million. China BAK Battery had a negative net margin of 6.29% and a negative return on equity of 7.54%.

China BAK Battery Stock Performance

NASDAQ:CBAT remained flat at $0.99 on Friday. The company's stock had a trading volume of 138,860 shares, compared to its average volume of 220,568. China BAK Battery has a 1 year low of $0.5670 and a 1 year high of $1.30. The company has a current ratio of 0.72, a quick ratio of 0.64 and a debt-to-equity ratio of 0.04. The stock has a market cap of $87.76 million, a price-to-earnings ratio of -9.90 and a beta of 1.70. The stock's fifty day moving average price is $1.06 and its 200-day moving average price is $0.92.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in China BAK Battery stock. Empowered Funds LLC raised its holdings in shares of China BAK Battery, Inc. (NASDAQ:CBAT - Free Report) by 8.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 355,536 shares of the electronics maker's stock after acquiring an additional 28,411 shares during the quarter. Empowered Funds LLC owned about 0.40% of China BAK Battery worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 1.97% of the company's stock.

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.