China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 5,500 shares, a drop of 19.1% from the March 15th total of 6,800 shares. Based on an average daily trading volume, of 45,400 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the company's stock are sold short.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of China Automotive Systems from a "buy" rating to a "strong-buy" rating in a research note on Friday, March 29th.
View Our Latest Research Report on China Automotive Systems
China Automotive Systems Price Performance
China Automotive Systems stock traded down $0.01 during midday trading on Friday, hitting $3.77. 32,921 shares of the stock were exchanged, compared to its average volume of 44,147. The company has a 50 day moving average price of $3.40 and a two-hundred day moving average price of $3.41. The firm has a market cap of $113.82 million, a P/E ratio of 3.02 and a beta of 2.45. China Automotive Systems has a 1 year low of $3.04 and a 1 year high of $5.73.
China Automotive Systems (NASDAQ:CAAS - Get Free Report) last announced its earnings results on Thursday, March 28th. The auto parts company reported $0.36 earnings per share (EPS) for the quarter. The business had revenue of $159.16 million for the quarter. China Automotive Systems had a return on equity of 10.84% and a net margin of 6.53%.
Hedge Funds Weigh In On China Automotive Systems
Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. bought a new stake in shares of China Automotive Systems in the 4th quarter worth about $31,000. Zacks Investment Management bought a new stake in China Automotive Systems in the second quarter valued at about $49,000. American Century Companies Inc. acquired a new stake in China Automotive Systems during the first quarter valued at approximately $50,000. Tower Research Capital LLC TRC bought a new position in China Automotive Systems during the 1st quarter worth approximately $54,000. Finally, XTX Topco Ltd acquired a new position in shares of China Automotive Systems in the 1st quarter worth approximately $63,000. 5.17% of the stock is owned by institutional investors and hedge funds.
About China Automotive Systems
(
Get Free Report)
China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China and internationally. It produces rack and pinion power steering gears for cars and light-duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronic and hydraulic power steering systems and parts.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider China Automotive Systems, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and China Automotive Systems wasn't on the list.
While China Automotive Systems currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for May 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
