China Automotive Systems (NASDAQ:CAAS) Shares Pass Above 200-Day Moving Average – Time to Sell?

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $4.09 and traded as high as $4.22. China Automotive Systems shares last traded at $4.18, with a volume of 42,618 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of China Automotive Systems in a report on Thursday, February 6th. They issued a “buy” rating for the company.

China Automotive Systems Trading Up 2.0 %

The company has a fifty day simple moving average of $4.10 and a two-hundred day simple moving average of $4.09. The stock has a market capitalization of $126.19 million, a P/E ratio of 3.98 and a beta of 2.33.

China Automotive Systems declared that its Board of Directors has initiated a share repurchase plan on Monday, November 18th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of China Automotive Systems

A hedge fund recently raised its stake in China Automotive Systems stock. Empowered Funds LLC grew its stake in China Automotive Systems, Inc. (NASDAQ:CAAS) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,737 shares of the auto parts company’s stock after acquiring an additional 6,968 shares during the quarter. Empowered Funds LLC owned 0.45% of China Automotive Systems worth $629,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

About China Automotive Systems

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.