CBAK Energy Technology, Inc. (NASDAQ:CBAT) Sees Large Increase in Short Interest

CBAK Energy Technology, Inc. (NASDAQ:CBAT) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totalling 1,770,000 shares, a growth of 35.1% from the December 31st total of 1,310,000 shares. Based on an average daily trading volume, of 569,300 shares, the days-to-cover ratio is presently 3.1 days. Currently, 2.5% of the company’s stock are sold short.

Institutional Investors Weigh In On CBAK Energy Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in shares of CBAK Energy Technology by 5.4% in the 4th quarter. Empowered Funds LLC now owns 327,125 shares of the electronics maker’s stock worth $307,000 after buying an additional 16,788 shares during the last quarter. Marshall Wace LLP purchased a new position in CBAK Energy Technology in the second quarter worth $171,000. XTX Topco Ltd bought a new position in CBAK Energy Technology in the 3rd quarter valued at $46,000. Finally, PFG Investments LLC purchased a new stake in shares of CBAK Energy Technology during the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 1.97% of the company’s stock.

CBAK Energy Technology Price Performance

Shares of CBAT stock opened at $0.95 on Friday. The firm has a 50-day moving average of $0.92 and a 200-day moving average of $1.03. CBAK Energy Technology has a one year low of $0.77 and a one year high of $2.08. The company has a market cap of $85.11 million, a P/E ratio of 7.89 and a beta of 1.74.

About CBAK Energy Technology

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.