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

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

China Automotive Systems Stock Up 1.3 %

CAAS stock opened at $3.94 on Friday. China Automotive Systems has a 52-week low of $3.07 and a 52-week high of $4.97. The stock has a market cap of $118.93 million, a price-to-earnings ratio of 3.75 and a beta of 2.35. The business has a fifty day moving average of $4.21 and a two-hundred day moving average of $4.05.

China Automotive Systems announced that its Board of Directors has initiated a stock repurchase plan on Monday, November 18th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. American Century Companies Inc. acquired a new stake in shares of China Automotive Systems during the second quarter valued at about $36,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings 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 valued at $401,000 after purchasing an additional 11,197 shares during the last quarter. Empowered Funds LLC increased its holdings in China Automotive Systems by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock valued at $629,000 after purchasing an additional 6,968 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in China Automotive Systems by 1.7% during the second quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after purchasing an additional 6,900 shares in the last quarter. Institutional investors and hedge funds own 5.17% of the company’s stock.

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.