China Automotive Systems (NASDAQ:CAAS) Shares Cross Above 200-Day Moving Average – Time to Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred 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 trading hands.

China Automotive Systems Stock Performance

The company has a market cap of $121.05 million, a P/E ratio of 3.82 and a beta of 2.34. The business has a fifty day simple moving average of $4.36 and a 200 day simple moving average of $4.02.

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

Institutional Trading of China Automotive Systems

A number of institutional investors and hedge funds have recently modified their holdings of CAAS. Renaissance Technologies LLC grew its position 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 buying an additional 6,900 shares during the last quarter. Empowered Funds LLC raised its position 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 worth $629,000 after purchasing an additional 6,968 shares during the period. American Century Companies Inc. bought a new position in China Automotive Systems during the 2nd quarter worth $36,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in 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 worth $401,000 after buying an additional 11,197 shares during the period. 5.17% of the stock is owned by institutional investors and hedge funds.

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.