China Automotive Systems (NASDAQ:CAAS) Stock Passes Above 200-Day Moving Average – Should You Sell?

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $4.06 and traded as high as $4.19. China Automotive Systems shares last traded at $4.05, with a volume of 63,750 shares trading hands.

China Automotive Systems Trading Up 1.8 %

The business’s 50 day simple moving average is $4.16 and its 200 day simple moving average is $4.06. The firm has a market capitalization of $122.27 million, a PE ratio of 3.86 and a beta of 2.35.

China Automotive Systems announced that its Board of Directors has initiated a share repurchase program on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of China Automotive Systems by 14.8% in 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 acquiring an additional 11,197 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of China Automotive Systems during the second quarter valued at approximately $36,000. Empowered Funds LLC grew its stake in shares of China Automotive Systems by 5.4% during 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 last quarter. Finally, Renaissance Technologies LLC boosted its holdings in China Automotive Systems by 1.7% during the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after acquiring an additional 6,900 shares during the period. 5.17% of the stock is owned by hedge funds and other institutional investors.

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.