In November, the number of short positions taken on China Automotive Systems, Inc. (NASDAQ: CAAS) drastically. As of November 15, the total number of shares available for a short sale was 81,200, a decrease of 14.2% from the previous day’s total of 94,600 shares. Just under 0.8% of the company’s shares are sold short at any given time. The current short interest rate is 0.5 day, with an average daily volume of 147,900 shares to calculate this value.
Several research firms have expressed concerns about CAAS. In a research note published on Monday, November 14, China Automotive Systems received a rating of “c” from TheStreet, which is a drop from its previous rating of “b-“. Following the publication of a research note on Wednesday, October 12, StockNews.com began providing coverage of stocks of China Automotive Systems. They suggested that investors “buy strongly” the stock.
On Friday, China Automotive Systems share price rose $0.12 to $7.22. Compared to the typical volume of 184,417 shares moved, the company’s shares traded at 261,233 shares. The company’s market capitalization is currently $221.37 million, its price-to-earnings ratio is 10.17, and its beta is 2.24. The company’s 50-day simple moving average is $4.58 and the 200-day simple moving average is $3.69. The price of China Automotive Systems has ranged from a low of $2.20 to a high of $7.69 in the past 52 weeks.
Recently, a hedge fund expanded its holdings in China Automotive Systems. According to the most recent disclosure Marshall Wace LLP filed with the Securities and Exchange Commission, the company made a new investment in China Automotive Systems, Inc. in the third quarter. (NASDAQ:CAAS). The fund bought about 48,480 shares of the auto parts company’s stock for about $191,000. Marshall Wace LLP held a 0.16 percent shareholder in China Automotive Systems at the end of the most recent reporting period. Institutional investors and hedge funds currently own 2.57% of the company’s stock.
Through its subsidiaries in the People’s Republic of China, China Automotive Systems, Inc. automotive systems and components. It produces rack and pinion steering systems for automobiles and light vehicles, integral power steering units for heavy vehicles, light duty power steering parts, sensor modules, steering systems and columns for automobiles, as well as electronic and hydraulic power steering systems and parts for automobiles. These products are all manufactured by the company.