Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Expands By 150.3%

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the target of a significant increase in short interest in February. As of February 15th, there was short interest totalling 35,800 shares, an increase of 150.3% from the January 31st total of 14,300 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 36,700 shares, the days-to-cover ratio is currently 1.0 days.

China Automotive Systems Stock Performance

China Automotive Systems stock traded down $0.02 during midday trading on Tuesday, reaching $4.30. 45,298 shares of the company were exchanged, compared to its average volume of 35,958. The company has a market capitalization of $129.80 million, a price-to-earnings ratio of 4.10 and a beta of 2.33. The firm's 50-day simple moving average is $4.17 and its 200-day simple moving average is $4.15. China Automotive Systems has a 1 year low of $3.21 and a 1 year high of $4.97.

China Automotive Systems announced that its board has approved a share repurchase program on Monday, November 18th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on China Automotive Systems in a research report on Sunday. They issued a "buy" rating for the company.

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Institutional Trading of China Automotive Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC purchased a new stake in China Automotive Systems during the 4th quarter worth about $86,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in China Automotive Systems by 14.8% in 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 last quarter. Empowered Funds LLC boosted its stake 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 worth $590,000 after buying an additional 7,119 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake 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 worth $1,149,000 after buying an additional 7,119 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in China Automotive Systems by 4.8% in the 4th quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company's stock worth $1,726,000 after buying an additional 19,100 shares during the last quarter. Hedge funds and other 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.