China BAK Battery (NASDAQ:CBAT) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• China BAK Battery's stock price crossed above its 200-day moving average of $0.91, reaching a high of $1.03 before settling at $0.97 during trading.
• Wall Street analysts upgraded China BAK Battery from a "sell" rating to a "hold" rating on June 14th, indicating a potential shift in sentiment towards the stock.
• The company's latest earnings report revealed a net margin of 0.25% with revenue of $34.94 million, significantly below analyst expectations of $52.16 million.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.91 and traded as high as $1.03. China BAK Battery shares last traded at $0.97, with a volume of 825,413 shares.

Analysts Set New Price Targets

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

China BAK Battery Trading Down 0.2%

The company has a fifty day moving average of $1.08 and a 200 day moving average of $0.92. The company has a quick ratio of 0.64, a current ratio of 0.82 and a debt-to-equity ratio of 0.03.

China BAK Battery (NASDAQ:CBAT - Get Free Report) last announced its earnings results on Monday, May 19th. The electronics maker reported ($0.02) EPS for the quarter. China BAK Battery had a net margin of 0.25% and a return on equity of 0.30%. The company had revenue of $34.94 million during the quarter, compared to the consensus estimate of $52.16 million. As a group, sell-side analysts anticipate that China BAK Battery, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On China BAK Battery

Several large investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC grew its stake in 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 worth $646,000 after purchasing an additional 16,788 shares during the period. Empowered Funds LLC grew its stake in China BAK Battery by 8.7% during the first quarter. Empowered Funds LLC now owns 355,536 shares of the electronics maker's stock worth $283,000 after purchasing an additional 28,411 shares during the period. Marshall Wace LLP acquired a new stake in China BAK Battery during the fourth quarter worth approximately $96,000. Finally, XTX Topco Ltd bought a new position in China BAK Battery in the first quarter worth approximately $27,000. Institutional investors and hedge funds 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.