Short Interest in China BAK Battery, Inc. (NASDAQ:CBAT) Drops By 31.8%

Key Points

• Short interest fell 31.8% in April to 164,352 shares (about 0.2% of shares outstanding), implying a short-interest ratio of 3.2 days based on average daily volume.
• Institutional activity is modestly supportive as Empowered Funds LLC raised its stake to 355,536 shares (0.40% of the company), but hedge funds and institutions still own only about 1.97% of the stock.
• Wall Street sentiment and fundamentals remain weak: Weiss Ratings reissued a "Sell" rating, and the company recently missed EPS and revenue estimates, trading around $0.82 with a market cap near $72.7M and negative profit margins.

China BAK Battery, Inc. (NASDAQ:CBAT - Get Free Report) saw a large decline in short interest in the month of April. As of April 15th, there was short interest totaling 164,352 shares, a decline of 31.8% from the March 31st total of 240,925 shares. Based on an average daily trading volume, of 51,278 shares, the short-interest ratio is currently 3.2 days. Currently, 0.2% of the company's shares are sold short.

Institutional Investors Weigh In On China BAK Battery

A hedge fund recently raised its stake in China BAK Battery stock. Empowered Funds LLC boosted its stake in China BAK Battery, Inc. (NASDAQ:CBAT - Free Report) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 355,536 shares of the electronics maker's stock after acquiring an additional 28,411 shares during the quarter. Empowered Funds LLC owned 0.40% of China BAK Battery worth $283,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 1.97% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (d)" rating on shares of China BAK Battery in a report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell".

China BAK Battery Trading Down 0.6%

CBAT opened at $0.82 on Tuesday. The stock has a market capitalization of $72.69 million, a P/E ratio of -8.20 and a beta of 1.36. China BAK Battery has a 12 month low of $0.71 and a 12 month high of $1.25. The firm's fifty day simple moving average is $0.91 and its 200 day simple moving average is $0.90. The company has a current ratio of 0.60, a quick ratio of 0.43 and a debt-to-equity ratio of 0.04.

China BAK Battery (NASDAQ:CBAT - Get Free Report) last posted its quarterly earnings data on Monday, March 30th. The electronics maker reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The company had revenue of $58.80 million during the quarter, compared to the consensus estimate of $64.57 million. China BAK Battery had a negative net margin of 4.80% and a negative return on equity of 8.11%. As a group, research analysts anticipate that China BAK Battery will post -0.01 EPS for the current fiscal year.

About China BAK Battery

China BAK Battery Inc NASDAQ: CBAT is a China-based developer and manufacturer of rechargeable lithium-ion batteries and related power solutions. The company's core product lines include small, medium and large format batteries, battery modules and pack assemblies designed for consumer electronics, electric vehicles, energy storage systems and other industrial applications. China BAK Battery offers polymer lithium-ion cells, prismatic and cylindrical cells, as well as integrated battery systems tailored to meet the performance requirements of its clients.

Founded in 2001 and headquartered in Shenzhen, China BAK Battery has expanded its manufacturing footprint and research and development capabilities over the years to serve customers across Asia, Europe and North America.

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