China Automotive Systems (NASDAQ:CAAS) Stock Crosses Above Two Hundred Day Moving Average – Time to Sell?

China Automotive Systems, Inc. (NASDAQ:CAAS)’s stock price passed 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 traded.

China Automotive Systems Stock Performance

The firm has a 50 day moving average price of $4.35 and a 200-day moving average price of $4.03. The company has a market cap of $123.16 million, a P/E ratio of 3.89 and a beta of 2.33.

China Automotive Systems declared that its board has initiated a share repurchase plan on Monday, November 18th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the auto parts company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Trading of China Automotive Systems

Hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. bought a new position in China Automotive Systems in the 2nd quarter worth approximately $36,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 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 acquiring an additional 11,197 shares during the last quarter. Empowered Funds LLC increased its position in China Automotive Systems by 5.4% during the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after acquiring an additional 6,968 shares during the period. Finally, Renaissance Technologies LLC raised its stake 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 valued at $1,491,000 after purchasing an additional 6,900 shares during the last quarter. 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.