China Automotive Systems (NASDAQ:CAAS) Stock Price Passes Above 200-Day Moving Average – What’s Next?

China Automotive Systems, Inc. (NASDAQ:CAAS) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.03 and traded as high as $4.03. China Automotive Systems shares last traded at $3.96, with a volume of 19,946 shares changing hands.

China Automotive Systems Stock Down 0.5 %

The stock has a market capitalization of $119.54 million, a P/E ratio of 3.77 and a beta of 2.35. The company has a 50-day moving average price of $4.31 and a two-hundred day moving average price of $4.03.

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

Institutional Investors Weigh In On China Automotive Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. bought a new position in China Automotive Systems in the 2nd quarter worth about $36,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 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 purchasing an additional 11,197 shares during the last quarter. Empowered Funds LLC increased its position 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 worth $629,000 after purchasing an additional 6,968 shares during the last quarter. Finally, Renaissance Technologies LLC raised 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 purchasing an additional 6,900 shares in the last quarter. Hedge funds and other 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.