China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Large Drop in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 14,300 shares, a drop of 20.6% from the January 15th total of 18,000 shares. Based on an average daily trading volume, of 35,900 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CAAS. Two Sigma Securities LLC acquired a new stake in China Automotive Systems in the fourth quarter valued at approximately $86,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of China Automotive Systems by 22.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company’s stock valued at $437,000 after purchasing an additional 19,484 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of China Automotive Systems by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock worth $1,726,000 after purchasing an additional 19,100 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings 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 during the last quarter. Finally, Empowered Funds LLC grew its holdings in China Automotive Systems by 5.2% during the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after acquiring an additional 7,119 shares during the last quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on shares of China Automotive Systems in a report on Friday. They set a “buy” rating on the stock.

China Automotive Systems Stock Performance

Shares of China Automotive Systems stock traded up $0.21 on Monday, reaching $4.45. 90,342 shares of the stock were exchanged, compared to its average volume of 23,510. China Automotive Systems has a one year low of $3.17 and a one year high of $4.97. The firm has a market cap of $134.35 million, a PE ratio of 4.24 and a beta of 2.33. The firm’s 50 day moving average is $4.09 and its 200-day moving average is $4.08.

China Automotive Systems announced that its board has authorized a stock 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 typically a sign that the company’s leadership believes its stock is undervalued.

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.