Short Interest in China Automotive Systems, Inc. (NASDAQ:CAAS) Expands By 34.9%

China Automotive Systems, Inc. (NASDAQ:CAAS) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 11,200 shares, an increase of 34.9% from the December 15th total of 8,300 shares. Based on an average daily trading volume, of 48,600 shares, the short-interest ratio is currently 0.2 days. Currently, 0.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. American Century Companies Inc. acquired a new stake in shares of China Automotive Systems in the second quarter valued at approximately $36,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of China Automotive Systems by 14.8% during 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 period. Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after acquiring an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of 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 last quarter. 5.17% of the stock is owned by hedge funds and other institutional investors.

China Automotive Systems Price Performance

NASDAQ CAAS opened at $3.94 on Friday. The stock’s 50 day simple moving average is $4.21 and its 200-day simple moving average is $4.05. The company has a market cap of $118.93 million, a PE ratio of 3.75 and a beta of 2.35. China Automotive Systems has a 1-year low of $3.07 and a 1-year high of $4.97.

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

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.