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

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) saw a significant growth in short interest in December. As of December 15th, there was short interest totalling 8,300 shares, a growth of 5.1% from the November 30th total of 7,900 shares. Based on an average trading volume of 67,900 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the company's shares are short sold.

China Automotive Systems Stock Performance

CAAS stock traded up $0.01 during mid-day trading on Wednesday, hitting $4.10. 27,303 shares of the company were exchanged, compared to its average volume of 55,535. The firm has a market cap of $123.76 million, a P/E ratio of 3.90 and a beta of 2.33. China Automotive Systems has a 1-year low of $3.05 and a 1-year high of $4.97. The firm's 50 day simple moving average is $4.35 and its 200 day simple moving average is $4.03.

China Automotive Systems declared that its board has authorized a stock repurchase program on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits 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 of directors believes its shares are undervalued.

Institutional Investors Weigh In On China Automotive Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in 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 worth $1,491,000 after acquiring an additional 6,900 shares during the last quarter. Empowered Funds LLC boosted its holdings in 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 purchasing an additional 6,968 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position 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 in the last quarter. Finally, American Century Companies Inc. bought a new position in China Automotive Systems in the second quarter valued at $36,000. Institutional investors and hedge funds 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.