China BAK Battery (NASDAQ:CBAT) Share Price Passes Below 200 Day Moving Average - Here's What Happened

Key Points

• The share price of China BAK Battery (NASDAQ:CBAT) fell below its 200-day moving average of $0.93, trading as low as $0.85 before closing at $0.87.
• Analysts from Wall Street Zen upgraded their rating for the stock from "sell" to "hold" on June 14th, indicating a shift in sentiment.
• The company reported a revenue of $40.52 million for the recent quarter, surpassing analysts' expectations of $33.56 million, despite a negative earnings per share of ($0.03).

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.93 and traded as low as $0.85. China BAK Battery shares last traded at $0.87, with a volume of 407,694 shares changing hands.

Analysts Set New Price Targets

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.

China BAK Battery Stock Down 5.2%

The stock has a market capitalization of $76.50 million, a price-to-earnings ratio of -8.63 and a beta of 1.88. The business's 50-day moving average is $0.96 and its two-hundred day moving average is $0.93. The company has a quick ratio of 0.53, a current ratio of 0.72 and a debt-to-equity ratio of 0.04.

China BAK Battery (NASDAQ:CBAT - Get Free Report) last posted its quarterly earnings results on Monday, August 18th. The electronics maker reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm 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%. Equities analysts anticipate that China BAK Battery, Inc. will post 0.19 EPS for the current year.

Hedge Funds Weigh In On China BAK Battery

A hedge fund recently raised its stake in China BAK Battery stock. Empowered Funds LLC boosted its position in shares of China BAK Battery, Inc. (NASDAQ:CBAT - Free Report) by 8.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 355,536 shares of the electronics maker's stock after purchasing an additional 28,411 shares during the period. Empowered Funds LLC owned approximately 0.40% of China BAK Battery worth $283,000 at the end of the most recent quarter. 1.97% of the stock is owned by hedge funds and other institutional investors.

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.