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

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

Institutional Investors Weigh In On China Automotive Systems

Institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in shares of 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. 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 worth $401,000 after acquiring an additional 11,197 shares in the last quarter. Renaissance Technologies LLC increased its stake in China Automotive Systems by 1.7% during the second 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. Finally, American Century Companies Inc. purchased a new stake in China Automotive Systems during the second quarter valued at approximately $36,000. 5.17% of the stock is owned by institutional investors.

China Automotive Systems Price Performance

Shares of CAAS traded up $0.04 during trading hours on Thursday, hitting $4.19. The stock had a trading volume of 8,486 shares, compared to its average volume of 24,259. China Automotive Systems has a 12 month low of $3.17 and a 12 month high of $4.97. The stock has a fifty day moving average price of $4.14 and a 200 day moving average price of $4.08. The firm has a market capitalization of $126.50 million, a PE ratio of 3.99 and a beta of 2.35.

China Automotive Systems announced that its Board of Directors has initiated a share buyback program on Monday, November 18th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is 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.