China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Significant Decline in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 26,900 shares, a drop of 24.9% from the February 13th total of 35,800 shares. Based on an average trading volume of 37,800 shares, the short-interest ratio is presently 0.7 days. Approximately 0.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On China Automotive Systems

A number of hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC acquired a new stake in China Automotive Systems in the fourth quarter valued at approximately $86,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of China Automotive Systems by 22.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company’s stock valued at $437,000 after purchasing an additional 19,484 shares in the last quarter. Renaissance Technologies LLC boosted its stake in China Automotive Systems by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after acquiring an additional 19,100 shares in the last quarter. Bridgeway Capital Management LLC increased its position in China Automotive Systems by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after buying an additional 7,119 shares in the last quarter. Finally, Empowered Funds LLC grew its position in China Automotive Systems by 5.2% in the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock valued at $590,000 after purchasing an additional 7,119 shares during the period. Institutional investors own 5.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of China Automotive Systems in a research report on Tuesday. They set a “buy” rating on the stock.

China Automotive Systems Stock Up 3.3 %

NASDAQ CAAS traded up $0.15 on Tuesday, reaching $4.70. 21,122 shares of the stock traded hands, compared to its average volume of 53,890. The firm’s fifty day simple moving average is $4.23 and its 200 day simple moving average is $4.20. The company has a market cap of $141.84 million, a price-to-earnings ratio of 4.48 and a beta of 2.27. China Automotive Systems has a 12 month low of $3.25 and a 12 month high of $4.97.

China Automotive Systems announced that its board has initiated a share buyback plan on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are 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.