Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Grows By 5.1%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large increase in short interest during the month of 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. Currently, 0.1% of the company’s shares are short sold. Based on an average daily volume of 67,900 shares, the short-interest ratio is presently 0.1 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its stake 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 purchasing an additional 6,900 shares during the period. Empowered Funds LLC boosted its holdings 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 buying an additional 6,968 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of China Automotive Systems by 14.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after buying an additional 11,197 shares during the period. Finally, American Century Companies Inc. acquired a new stake in shares of China Automotive Systems during the 2nd quarter worth approximately $36,000. 5.17% of the stock is owned by institutional investors and hedge funds.

China Automotive Systems Price Performance

Shares of CAAS opened at $4.10 on Thursday. The business has a 50-day moving average of $4.35 and a 200-day moving average of $4.03. China Automotive Systems has a 1 year low of $3.05 and a 1 year high of $4.97. The company has a market capitalization of $123.76 million, a price-to-earnings ratio of 3.90 and a beta of 2.33.

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

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.