China Automotive Systems (NASDAQ:CAAS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.03 and traded as high as $4.15. China Automotive Systems shares last traded at $4.10, with a volume of 27,303 shares trading hands.

China Automotive Systems Trading Down 0.5 %

The stock has a 50-day moving average of $4.35 and a two-hundred day moving average of $4.03. The firm has a market cap of $123.16 million, a price-to-earnings ratio of 3.89 and a beta of 2.33.

China Automotive Systems announced that its Board of Directors has approved a stock buyback plan on Monday, November 18th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of China Automotive Systems

A number of hedge funds have recently modified their holdings of the business. American Century Companies Inc. acquired a new stake in shares of China Automotive Systems during the second quarter worth approximately $36,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in China Automotive Systems by 14.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after buying an additional 11,197 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of China Automotive Systems by 5.4% during the 3rd 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, Renaissance Technologies LLC grew its holdings 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 valued at $1,491,000 after acquiring an additional 6,900 shares in the last quarter. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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.