China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Up 45.2% in October

China Automotive Systems, Inc. (NASDAQ:CAAS) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 10,600 shares, a growth of 45.2% from the October 15th total of 7,300 shares. Based on an average daily volume of 66,100 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.1% of the shares of the company are short sold.

China Automotive Systems Price Performance

Shares of CAAS traded up $0.08 during midday trading on Friday, reaching $4.33. The stock had a trading volume of 25,843 shares, compared to its average volume of 57,514. The company has a market capitalization of $130.71 million, a P/E ratio of 4.12 and a beta of 2.45. The firm’s 50 day moving average price is $4.20 and its 200-day moving average price is $3.89. China Automotive Systems has a 52 week low of $3.04 and a 52 week high of $4.97.

China Automotive Systems (NASDAQ:CAAS) last released its earnings results on Tuesday, August 13th. The auto parts company reported $0.24 EPS for the quarter. The business had revenue of $158.61 million for the quarter. China Automotive Systems had a net margin of 5.12% and a return on equity of 8.24%.

Institutional Investors Weigh In On China Automotive Systems

Hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 worth $401,000 after purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of China Automotive Systems by 5.4% in the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after buying an additional 6,968 shares during the period. Renaissance Technologies LLC increased its position in shares of China Automotive Systems by 1.7% in the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after acquiring an additional 6,900 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of China Automotive Systems during the second quarter valued at approximately $36,000. 5.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut China Automotive Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 14th.

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.