Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Drops By 24.9%

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

Institutional Trading of China Automotive Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.2% during the fourth quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after purchasing an additional 7,119 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings 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 purchasing an additional 11,197 shares during the period. Bridgeway Capital Management LLC raised its holdings in shares of China Automotive Systems by 2.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock worth $1,149,000 after purchasing an additional 7,119 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of China Automotive Systems during the fourth quarter worth $86,000. Finally, Renaissance Technologies LLC raised its holdings in shares of 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 purchasing an additional 19,100 shares during the period. 5.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of China Automotive Systems in a report on Monday, March 10th. They issued a “buy” rating on the stock.

China Automotive Systems Price Performance

CAAS opened at $4.43 on Monday. The stock has a market capitalization of $133.72 million, a PE ratio of 4.22 and a beta of 2.27. The firm’s fifty day moving average price is $4.22 and its 200 day moving average price is $4.19. 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 of Directors has authorized a share buyback program 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 programs are usually a sign that the company’s board believes its shares are 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.