Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Drops By 24.9%

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 26,900 shares, a drop of 24.9% from the February 13th total of 35,800 shares. Based on an average trading volume of 37,800 shares, the short-interest ratio is presently 0.7 days. Approximately 0.3% of the shares of the company are short sold.

Hedge Funds Weigh In On China Automotive Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Two Sigma Securities LLC bought a new position in China Automotive Systems in the 4th quarter valued at about $86,000. Connor Clark & Lunn Investment Management Ltd. grew its position in 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 valued at $401,000 after buying an additional 11,197 shares in the last quarter. Empowered Funds LLC grew its position in China Automotive Systems by 5.2% in the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock valued at $590,000 after buying an additional 7,119 shares in the last quarter. Bridgeway Capital Management LLC grew its position in China Automotive Systems by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after buying an additional 7,119 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in China Automotive Systems by 4.8% in the 4th quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock valued at $1,726,000 after buying an additional 19,100 shares in the last quarter. Institutional investors own 5.17% of the company’s stock.

China Automotive Systems Stock Up 2.8 %

CAAS stock opened at $4.43 on Monday. China Automotive Systems has a fifty-two week low of $3.25 and a fifty-two week high of $4.97. The firm’s 50-day simple moving average is $4.22 and its 200 day simple moving average is $4.19. The stock has a market cap of $133.72 million, a PE ratio of 4.22 and a beta of 2.27.

China Automotive Systems declared that its Board of Directors has initiated a share buyback plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the auto parts company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of China Automotive Systems in a report on Monday, March 10th. They issued a “buy” rating on the 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.