China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Update

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

Hedge Funds Weigh In On China Automotive Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. purchased a new position in China Automotive Systems during the 2nd quarter worth $36,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in China Automotive Systems by 14.8% in the third 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 period. Empowered Funds LLC boosted 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 in the last quarter. Finally, Renaissance Technologies LLC increased its position in China Automotive Systems by 1.7% during the 2nd 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 during the period. 5.17% of the stock is currently owned by hedge funds and other institutional investors.

China Automotive Systems Price Performance

NASDAQ CAAS opened at $4.05 on Friday. China Automotive Systems has a 1 year low of $3.17 and a 1 year high of $4.97. The company has a market capitalization of $122.27 million, a PE ratio of 3.86 and a beta of 2.35. The company has a fifty day moving average of $4.13 and a two-hundred day moving average of $4.08.

China Automotive Systems announced that its board has approved a stock buyback program on Monday, November 18th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the auto parts company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors 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.