China Automotive Systems, Inc. (NASDAQ:CAAS) Short Interest Down 20.6% in January

China Automotive Systems, Inc. (NASDAQ:CAAS) was the target of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 14,300 shares, a drop of 20.6% from the January 15th total of 18,000 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 35,900 shares, the short-interest ratio is currently 0.4 days.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of China Automotive Systems in a research report on Friday. They set a “buy” rating for the company.

China Automotive Systems Stock Up 5.0 %

NASDAQ:CAAS traded up $0.21 during trading hours on Monday, hitting $4.45. 90,342 shares of the company traded hands, compared to its average volume of 23,510. The firm’s 50-day simple moving average is $4.09 and its 200-day simple moving average is $4.08. The company has a market cap of $134.35 million, a PE ratio of 4.24 and a beta of 2.33. China Automotive Systems has a one year low of $3.17 and a one year high of $4.97.

China Automotive Systems declared that its Board of Directors has authorized a share repurchase program on Monday, November 18th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the auto parts company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On China Automotive Systems

Several institutional investors have recently modified their holdings of the business. Bridgeway Capital Management LLC increased its position in shares of China Automotive Systems by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 280,206 shares of the auto parts company’s stock valued at $1,149,000 after purchasing an additional 7,119 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in China Automotive Systems during the fourth quarter worth about $86,000. Renaissance Technologies LLC boosted its stake in China Automotive Systems by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 420,994 shares of the auto parts company’s stock valued at $1,726,000 after acquiring an additional 19,100 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of China Automotive Systems by 22.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,586 shares of the auto parts company’s stock valued at $437,000 after acquiring an additional 19,484 shares during the period. Finally, Empowered Funds LLC raised its holdings in shares of China Automotive Systems by 5.2% in the 4th quarter. Empowered Funds LLC now owns 143,856 shares of the auto parts company’s stock worth $590,000 after purchasing an additional 7,119 shares during the period. 5.17% of the stock is owned by 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.