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

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its 200-day moving average during trading on Monday . The stock has a 200-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 Price Performance

The company has a market cap of $119.54 million, a price-to-earnings ratio of 3.77 and a beta of 2.33. The business’s fifty day moving average price is $4.37 and its 200 day moving average price is $4.02.

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

Institutional Investors Weigh In On China Automotive Systems

Several institutional investors and hedge funds have recently made changes to their positions in CAAS. American Century Companies Inc. acquired a new position in shares of China Automotive Systems in the second quarter worth approximately $36,000. Renaissance Technologies LLC lifted its position in shares of China Automotive Systems by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock worth $1,491,000 after purchasing an additional 6,900 shares during the period. Empowered Funds LLC boosted its stake in shares of China Automotive Systems by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock valued at $629,000 after purchasing an additional 6,968 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of China Automotive Systems by 14.8% during 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. Institutional investors and hedge funds 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.