China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Up 150.3% in February

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 35,800 shares, a growth of 150.3% from the January 31st total of 14,300 shares. Based on an average daily trading volume, of 36,700 shares, the short-interest ratio is currently 1.0 days. Approximately 0.3% of the shares of the company are sold short.

Institutional Investors Weigh In On China Automotive Systems

Several hedge funds have recently made changes to their positions in CAAS. Empowered Funds LLC boosted its position in 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. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of China Automotive Systems by 14.8% during the third 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 during the period. Renaissance Technologies LLC grew its position in 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 valued at $1,726,000 after purchasing an additional 19,100 shares in the last quarter. Two Sigma Securities LLC acquired a new position in China Automotive Systems in the 4th quarter valued at approximately $86,000. Finally, Bridgeway Capital Management LLC lifted 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 worth $1,149,000 after buying an additional 7,119 shares in the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of China Automotive Systems in a research report on Sunday. They issued a “buy” rating on the stock.

China Automotive Systems Stock Performance

Shares of NASDAQ CAAS opened at $4.49 on Friday. China Automotive Systems has a 1 year low of $3.20 and a 1 year high of $4.97. The firm has a market cap of $135.54 million, a P/E ratio of 4.28 and a beta of 2.33. The stock has a fifty day moving average price of $4.16 and a two-hundred day moving average price of $4.14.

China Automotive Systems announced that its board has approved a share repurchase plan on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are 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.