China Automotive Systems (NASDAQ:CAAS) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.02 and traded as high as $4.07. China Automotive Systems shares last traded at $3.96, with a volume of 44,592 shares traded.

China Automotive Systems Stock Performance

The firm has a fifty day moving average price of $4.36 and a 200 day moving average price of $4.02. The firm has a market capitalization of $121.05 million, a price-to-earnings ratio of 3.82 and a beta of 2.34.

China Automotive Systems declared that its board has authorized a share buyback 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 purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CAAS. American Century Companies Inc. purchased a new position in shares of China Automotive Systems during the second quarter valued at approximately $36,000. 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 in the last quarter. Empowered Funds LLC raised its holdings in 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in China Automotive Systems by 14.8% during 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. 5.17% of the stock is owned by hedge funds and other institutional investors.

About China Automotive Systems

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.