China Automotive Systems (NASDAQ:CAAS – Get Rating) had its price objective lowered by research analysts at Greenridge Global from $7.00 to $6.00 in a research note issued on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the auto parts company’s stock. Greenridge Global’s price target would suggest a potential upside of 106.90% from the company’s previous close.
Separately, StockNews.com assumed coverage on China Automotive Systems in a report on Saturday. They issued a “buy” rating on the stock.
Shares of China Automotive Systems stock remained flat at $$2.90 on Tuesday. The stock had a trading volume of 76 shares, compared to its average volume of 32,146. The stock’s fifty day moving average is $2.93 and its 200 day moving average is $2.89. The company has a market capitalization of $89.47 million, a P/E ratio of 8.29 and a beta of 2.66. China Automotive Systems has a 1-year low of $2.20 and a 1-year high of $5.49. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.09 and a current ratio of 1.43.
A number of large investors have recently made changes to their positions in the stock. Zacks Investment Management bought a new stake in shares of China Automotive Systems during the third quarter worth about $33,000. Morgan Stanley increased its holdings in shares of China Automotive Systems by 3,918.7% in the 2nd quarter. Morgan Stanley now owns 12,056 shares of the auto parts company’s stock worth $59,000 after buying an additional 11,756 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in shares of China Automotive Systems during the 3rd quarter valued at $43,000. Virtu Financial LLC bought a new stake in China Automotive Systems in the 4th quarter worth $56,000. Finally, Invesco Ltd. grew its holdings in China Automotive Systems by 21.6% in the 3rd quarter. Invesco Ltd. now owns 21,611 shares of the auto parts company’s stock worth $70,000 after acquiring an additional 3,834 shares during the last quarter. 3.38% of the stock is currently owned by institutional investors and hedge funds.
China Automotive Systems Company Profile (Get Rating)
China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. 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 electronic and hydraulic power steering systems and parts.
- Get a free copy of the StockNews.com research report on China Automotive Systems (CAAS)
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