China Automotive Systems (NASDAQ:CAAS) Shares Cross Above 200 Day Moving Average – Should You Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.02 and traded as high as $4.07. China Automotive Systems shares last traded at $3.96, with a volume of 44,592 shares.

China Automotive Systems Stock Down 4.1 %

The firm’s 50 day simple moving average is $4.37 and its two-hundred day simple moving average is $4.02. The stock has a market capitalization of $119.54 million, a P/E ratio of 3.77 and a beta of 2.33.

China Automotive Systems announced that its Board of Directors has approved a share 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 repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its position 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 worth $401,000 after purchasing an additional 11,197 shares during the period. American Century Companies Inc. acquired a new position in China Automotive Systems during the second quarter worth $36,000. Renaissance Technologies LLC raised its holdings 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 buying an additional 6,900 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of China Automotive Systems by 5.4% in the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock valued at $629,000 after buying an additional 6,968 shares in the last quarter. Institutional investors 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.