China Automotive Systems (NASDAQ:CAAS) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.06 and traded as high as $4.19. China Automotive Systems shares last traded at $4.05, with a volume of 63,750 shares.

China Automotive Systems Stock Up 1.8 %

The stock has a fifty day moving average price of $4.16 and a two-hundred day moving average price of $4.07. The company has a market capitalization of $122.27 million, a price-to-earnings ratio of 3.86 and a beta of 2.35.

China Automotive Systems declared that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On China Automotive Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CAAS. American Century Companies Inc. purchased a new position in shares of China Automotive Systems in the 2nd quarter worth about $36,000. 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 valued at $401,000 after buying an additional 11,197 shares during the last quarter. Empowered Funds LLC boosted its position in shares of 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 buying an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC raised its stake 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 valued at $1,491,000 after acquiring an additional 6,900 shares in the last quarter. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

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.