Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Increases By 34.9%

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 11,200 shares, an increase of 34.9% from the December 15th total of 8,300 shares. Based on an average daily volume of 48,600 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the shares of the company are short sold.

Institutional Investors Weigh In On China Automotive Systems

Several large investors have recently modified their holdings of the company. American Century Companies Inc. purchased a new stake in China Automotive Systems in the 2nd quarter valued at $36,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in China Automotive Systems by 14.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company's stock valued at $401,000 after purchasing an additional 11,197 shares during the period. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.4% in the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company's stock valued at $629,000 after buying an additional 6,968 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of China Automotive Systems by 1.7% in the second 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 during the last quarter. 5.17% of the stock is owned by institutional investors and hedge funds.

China Automotive Systems Price Performance

Shares of CAAS traded up $0.05 during midday trading on Friday, reaching $3.94. 18,786 shares of the stock were exchanged, compared to its average volume of 22,144. China Automotive Systems has a twelve month low of $3.07 and a twelve month high of $4.97. The company has a market capitalization of $118.95 million, a price-to-earnings ratio of 3.75 and a beta of 2.35. The business's 50-day moving average price is $4.21 and its 200 day moving average price is $4.05.

China Automotive Systems announced that its Board of Directors has authorized a share buyback plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management 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.