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

Key Points

• China BAK Battery's stock (NASDAQ:CBAT) traded above its 200-day moving average for the first time recently, reaching a high of $1.00 before settling at $0.97.
• Wall Street analysts upgraded their rating on the company from a "sell" to a "hold", indicating a slight shift in market sentiment.
• The company's quarterly earnings reported a loss of ($0.02) EPS, with revenue falling significantly short of expectations at $34.94 million compared to the consensus estimate of $52.16 million.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.91 and traded as high as $1.00. China BAK Battery shares last traded at $0.97, with a volume of 62,882 shares traded.

Analyst Ratings Changes

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 1.1%

The stock's fifty day moving average price is $1.08 and its 200-day moving average price is $0.91. 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 quarterly earnings results on Monday, May 19th. The electronics maker reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $34.94 million during the quarter, compared to analysts' expectations of $52.16 million. China BAK Battery had a net margin of 0.25% and a return on equity of 0.30%. On average, equities research analysts forecast that China BAK Battery, Inc. will post 0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On China BAK Battery

A number of large investors have recently made changes to their positions in CBAT. Marshall Wace LLP acquired a new stake in China BAK Battery in the 4th quarter valued at about $96,000. XTX Topco Ltd acquired a new stake in China BAK Battery in the 1st quarter valued at about $27,000. Empowered Funds LLC grew its stake in China BAK Battery by 8.7% in 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 during the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in China BAK Battery by 2.5% in 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 during the last quarter. 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.