Short Interest in China Automotive Systems, Inc. Decreases By 20.6%

China Automotive Systems, Inc. (NASDAQ:CAAS) experienced a notable decline in short interest during January. By the end of the month, on January 31st, short interest was recorded at 14,300 shares, which marks a 20.6% drop from the 18,000 shares noted on January 15th. This indicates that only about 0.1% of the company’s total stock is being short sold. Given the average daily trading volume of 35,900 shares, the current short-interest ratio stands at just 0.4 days.

Wall Street Analysts Forecast Growth

In related news, StockNews.com has initiated coverage on shares of China Automotive Systems and issued a “buy” rating for the company, indicating positive expectations from Wall Street analysts.

Check Out Our Latest Analysis on China Automotive Systems

China Automotive Systems Stock Performance

On Friday, shares of NASDAQ CAAS rose by $0.21 during trading, reaching a price of $4.45. The trading volume for the day was 90,342 shares, significantly higher than its average volume of 23,510 shares. Over the past year, China Automotive Systems recorded a low of $3.17 and a high of $4.97. The company's market capitalization is approximately $134.35 million, with a price-to-earnings (PE) ratio of 4.24 and a beta of 2.33. The stock has a 50-day moving average of $4.09 and a 200-day moving average of $4.08.

On November 18th, China Automotive Systems’ Board of Directors approved a stock repurchase program worth $5.00 million. This program allows the company to buy back up to 3.6% of its stock through open market transactions. Such buyback initiatives typically suggest that the board believes the stock is undervalued.

Institutional Investors Weigh In On China Automotive Systems

Several institutional investors have recently adjusted their positions regarding China Automotive Systems. Renaissance Technologies LLC increased its holdings in the company by 4.8% during the fourth quarter, bringing its total to 420,994 shares worth $1,726,000 after adding 19,100 shares. Empowered Funds LLC raised its stake by 5.2%, now owning 143,856 shares valued at $590,000 after purchasing an additional 7,119 shares. Connor Clark & Lunn Investment Management Ltd. saw a notable increase of 22.4% in its holdings, now owning 106,586 shares valued at $437,000 after buying 19,484 shares in the same period. Lastly, Two Sigma Securities LLC acquired a new position in the company valued at approximately $86,000 during the fourth quarter. Overall, institutional investors and hedge funds comprise 5.17% of the outstanding shares of China Automotive Systems.

About China Automotive Systems

China Automotive Systems, Inc. is engaged in the manufacture and sale of automotive systems and components across the People's Republic of China, the United States, and other international markets. The company produces a variety of products including rack and pinion power steering gears for both cars and light-duty vehicles, integral power steering gears for heavy-duty trucks, as well as steering systems and components.

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