China Automotive Systems (NASDAQ:CAAS) Stock 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 Tuesday . The stock has a 200-day moving average of $4.03 and traded as high as $4.15. China Automotive Systems shares last traded at $4.10, with a volume of 27,303 shares trading hands.

China Automotive Systems Stock Performance

The firm’s 50-day simple moving average is $4.35 and its 200 day simple moving average is $4.03. The company has a market cap of $123.76 million, a P/E ratio of 3.90 and a beta of 2.33.

China Automotive Systems declared that its board has authorized a stock repurchase plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On China Automotive Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. acquired a new position in shares of China Automotive Systems in the 2nd quarter valued at $36,000. Renaissance Technologies LLC lifted its stake in China Automotive Systems by 1.7% in the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after buying an additional 6,900 shares in the last quarter. Empowered Funds LLC boosted its holdings 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased 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 acquiring an additional 11,197 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.