China BAK Battery (NASDAQ:CBAT) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• China BAK Battery shares surpassed their 200-day moving average, trading at $0.92, with the stock reaching a high of $0.93 during the latest trading session.
• Following an analyst report, Wall Street Zen upgraded China BAK Battery from a "sell" to a "hold" rating, indicating a more favorable outlook.
• The company reported earnings of ($0.03) per share, exceeding analyst expectations, alongside a revenue of $40.52 million for the last quarter.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.92 and traded as high as $0.93. China BAK Battery shares last traded at $0.92, with a volume of 53,826 shares traded.

Analyst Ratings Changes

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

China BAK Battery Trading Up 1.5%

The firm has a market capitalization of $82.44 million, a P/E ratio of -9.30 and a beta of 1.88. The company has a quick ratio of 0.53, a current ratio of 0.72 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $1.04 and a 200-day moving average price of $0.92.

China BAK Battery (NASDAQ:CBAT - Get Free Report) last released its quarterly earnings data on Monday, August 18th. The electronics maker reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. The business had revenue of $40.52 million for the quarter, compared to analysts' expectations of $33.56 million. China BAK Battery had a negative return on equity of 7.54% and a negative net margin of 6.29%. Analysts anticipate that China BAK Battery, Inc. will post 0.19 earnings per share for the current year.

Institutional Trading of China BAK Battery

Institutional investors and hedge funds have recently modified their holdings of the company. XTX Topco Ltd bought a new stake in shares of China BAK Battery during the first quarter valued at approximately $27,000. Marshall Wace LLP bought a new stake in China BAK Battery in the fourth quarter valued at $96,000. Empowered Funds LLC grew its position in China BAK Battery by 8.7% in 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 during the period. Finally, Bridgeway Capital Management LLC grew its position in China BAK Battery by 2.5% in 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 during the period. 1.97% of the stock is currently owned by 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.