China Automotive Systems, Inc. (NASDAQ:CAAS) Sees Large Increase in Short Interest

China Automotive Systems, Inc. (NASDAQ:CAAS) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totalling 8,300 shares, a growth of 5.1% from the November 30th total of 7,900 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 67,900 shares, the short-interest ratio is currently 0.1 days.

China Automotive Systems Stock Down 0.5 %

Shares of NASDAQ:CAAS opened at $4.08 on Friday. The company has a 50-day moving average price of $4.34 and a 200 day moving average price of $4.03. China Automotive Systems has a 52 week low of $3.05 and a 52 week high of $4.97. The company has a market cap of $123.16 million, a P/E ratio of 3.89 and a beta of 2.33.

China Automotive Systems declared that its Board of Directors has authorized a stock repurchase program on Monday, November 18th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. purchased a new position in China Automotive Systems in the 2nd quarter valued at approximately $36,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 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 buying an additional 11,197 shares in the last quarter. Empowered Funds LLC increased its position 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 valued at $629,000 after buying an additional 6,968 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of 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 buying an additional 6,900 shares during the last quarter. 5.17% of the stock is owned by hedge funds and other institutional investors.

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.