China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Large Increase in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 8,300 shares, an increase of 5.1% from the November 30th total of 7,900 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily volume of 67,900 shares, the short-interest ratio is currently 0.1 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAAS. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of China Automotive Systems by 14.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock valued at $401,000 after buying an additional 11,197 shares during the last quarter. American Century Companies Inc. purchased a new stake in China Automotive Systems in the 2nd quarter worth approximately $36,000. Renaissance Technologies LLC raised its holdings in China Automotive Systems by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after acquiring an additional 6,900 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of China Automotive Systems by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after purchasing an additional 6,968 shares during the period. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

China Automotive Systems Stock Performance

China Automotive Systems stock opened at $4.08 on Friday. The company has a market capitalization of $123.16 million, a price-to-earnings ratio of 3.89 and a beta of 2.33. China Automotive Systems has a fifty-two week low of $3.05 and a fifty-two week high of $4.97. The stock has a fifty day moving average of $4.34 and a two-hundred day moving average of $4.03.

China Automotive Systems declared that its Board of Directors has authorized a stock repurchase plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.