China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Up 150.3% in February

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 35,800 shares, a growth of 150.3% from the January 31st total of 14,300 shares. Based on an average daily volume of 36,700 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.3% of the company’s stock are sold short.

Institutional Trading of China Automotive Systems

A number of institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in China Automotive Systems by 5.2% during the fourth 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of China Automotive Systems by 14.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after buying an additional 11,197 shares during the period. Bridgeway Capital Management LLC boosted its stake in China Automotive Systems by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after buying an additional 7,119 shares in the last quarter. Two Sigma Securities LLC bought a new stake in China Automotive Systems in the fourth quarter valued at $86,000. Finally, Renaissance Technologies LLC raised its stake in China Automotive Systems by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after acquiring an additional 19,100 shares in the last quarter. 5.17% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on China Automotive Systems in a report on Sunday. They issued a “buy” rating for the company.

China Automotive Systems Stock Down 5.7 %

CAAS opened at $4.49 on Friday. The stock’s 50 day moving average price is $4.16 and its two-hundred day moving average price is $4.14. The firm has a market capitalization of $135.54 million, a P/E ratio of 4.28 and a beta of 2.33. China Automotive Systems has a 12-month low of $3.20 and a 12-month high of $4.97.

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