China Automotive Systems (NASDAQ:CAAS) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.03 and traded as high as $4.03. China Automotive Systems shares last traded at $3.96, with a volume of 19,946 shares traded.

China Automotive Systems Price Performance

The company has a 50 day simple moving average of $4.31 and a 200-day simple moving average of $4.03. The stock has a market capitalization of $119.54 million, a P/E ratio of 3.77 and a beta of 2.35.

China Automotive Systems announced that its board has approved a stock buyback plan on Monday, November 18th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the auto parts company to repurchase up to 3.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On China Automotive Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in shares of China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after buying an additional 6,900 shares in the last quarter. Empowered Funds LLC lifted its position in shares of China Automotive Systems by 5.4% during the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after acquiring an additional 6,968 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 in the last quarter. Finally, American Century Companies Inc. bought a new position in shares of China Automotive Systems in the second quarter worth $36,000. Institutional investors 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.