China Automotive Systems (NASDAQ:CAAS) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

China Automotive Systems, Inc. (NASDAQ:CAAS) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.89 and traded as high as $4.58. China Automotive Systems shares last traded at $4.41, with a volume of 82,472 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of China Automotive Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 14th.

China Automotive Systems Stock Down 4.5 %

The firm has a market cap of $133.14 million, a price-to-earnings ratio of 3.74 and a beta of 2.45. The company’s 50-day moving average price is $4.17 and its 200-day moving average price is $3.89.

China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Tuesday, August 13th. The auto parts company reported $0.24 earnings per share for the quarter. China Automotive Systems had a net margin of 6.02% and a return on equity of 9.50%. The firm had revenue of $158.61 million for the quarter.

Institutional Investors Weigh In On China Automotive Systems

Several hedge funds have recently made changes to their positions in the business. American Century Companies Inc. purchased a new position in China Automotive Systems in the second quarter valued at about $36,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in China Automotive Systems by 14.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after acquiring an additional 11,197 shares during the last quarter. Empowered Funds LLC boosted its position in China Automotive Systems by 8.2% during the first quarter. Empowered Funds LLC now owns 120,409 shares of the auto parts company’s stock worth $427,000 after acquiring an additional 9,100 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in China Automotive Systems by 1.7% during the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after acquiring an additional 6,900 shares during the last quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.

China Automotive Systems Company Profile

China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China, the United States, 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 electronics and systems and parts.