China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Large Drop in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS - Get Free Report) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 14,300 shares, a decline of 20.6% from the January 15th total of 18,000 shares. Based on an average daily trading volume, of 35,900 shares, the short-interest ratio is currently 0.4 days. Currently, 0.1% of the company's stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on China Automotive Systems in a research report on Friday, February 14th. They set a "buy" rating for the company.

Institutional Trading of China Automotive Systems

Several large investors have recently modified their holdings of the company. Bridgeway Capital Management LLC lifted its position in China Automotive Systems by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company's stock worth $1,149,000 after acquiring an additional 7,119 shares during the last quarter. Two Sigma Securities LLC bought a new position in shares of China Automotive Systems in the fourth quarter worth about $86,000. Renaissance Technologies LLC increased its stake in shares of China Automotive Systems by 4.8% in 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. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of China Automotive Systems by 22.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company's stock worth $437,000 after purchasing an additional 19,484 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in China Automotive Systems by 5.2% during the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company's stock valued at $590,000 after purchasing an additional 7,119 shares during the period. 5.17% of the stock is owned by institutional investors.

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China Automotive Systems Stock Performance

Shares of China Automotive Systems stock traded up $0.03 during midday trading on Wednesday, reaching $4.49. 39,351 shares of the company's stock traded hands, compared to its average volume of 28,292. China Automotive Systems has a 52 week low of $3.17 and a 52 week high of $4.97. The company's 50 day simple moving average is $4.09 and its 200 day simple moving average is $4.10. The company has a market cap of $135.55 million, a price-to-earnings ratio of 4.28 and a beta of 2.33.

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