Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Drops By 13.1%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 17,900 shares, a drop of 13.1% from the May 31st total of 20,600 shares. Based on an average daily volume of 40,300 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.2% of the shares of the stock are short sold.

China Automotive Systems Price Performance

NASDAQ CAAS traded down $0.04 during mid-day trading on Friday, hitting $3.55. The stock had a trading volume of 25,981 shares, compared to its average volume of 34,397. The firm’s 50 day moving average is $3.69 and its 200 day moving average is $3.49. The stock has a market capitalization of $107.17 million, a price-to-earnings ratio of 2.75 and a beta of 2.44. China Automotive Systems has a twelve month low of $3.04 and a twelve month high of $5.73.

China Automotive Systems (NASDAQ:CAAS) last released its earnings results on Tuesday, May 14th. The auto parts company reported $0.27 earnings per share (EPS) for the quarter. The business had revenue of $139.39 million during the quarter. China Automotive Systems had a net margin of 6.82% and a return on equity of 10.84%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in China Automotive Systems stock. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 32.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,261 shares of the auto parts company’s stock after acquiring an additional 11,655 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.16% of China Automotive Systems worth $184,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 5.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded China Automotive Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 25th.

About China Automotive Systems

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.