China BAK Battery, Inc. (NASDAQ:CBAT) Short Interest Up 32.3% in August

China BAK Battery, Inc. (NASDAQ:CBAT) saw a large increase in short interest in August. As of August 15th, there was short interest totaling 1,260,000 shares, an increase of 32.3% from the July 31st total of 952,400 shares. Approximately 1.8% of the company’s shares are short sold. Based on an average daily volume of 241,000 shares, the short-interest ratio is currently 5.2 days. Based on an average daily volume of 241,000 shares, the short-interest ratio is currently 5.2 days. Approximately 1.8% of the company’s shares are short sold.

Institutional Investors Weigh In On China BAK Battery

Several institutional investors and hedge funds have recently bought and sold shares of CBAT. XTX Topco Ltd bought a new stake in China BAK Battery in the 1st quarter valued at $27,000. Empowered Funds LLC lifted its position in China BAK Battery by 8.7% during the 1st quarter. Empowered Funds LLC now owns 355,536 shares of the electronics maker’s stock worth $283,000 after buying an additional 28,411 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in China BAK Battery by 2.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 687,125 shares of the electronics maker’s stock worth $646,000 after buying an additional 16,788 shares in the last quarter. Institutional investors own 1.97% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of China BAK Battery from a “sell” rating to a “hold” rating in a report on Saturday, June 14th.

China BAK Battery Trading Down 0.3%

Shares of CBAT opened at $0.90 on Thursday. The business’s 50-day moving average price is $1.00 and its 200 day moving average price is $0.92. The stock has a market capitalization of $79.48 million, a P/E ratio of -8.97 and a beta of 1.88. China BAK Battery has a 1-year low of $0.57 and a 1-year high of $1.30. The company has a current ratio of 0.72, a quick ratio of 0.53 and a debt-to-equity ratio of 0.04.

China BAK Battery (NASDAQ:CBAT) last released its earnings results on Monday, August 18th. The electronics maker reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $40.52 million for the quarter, compared to analysts’ expectations of $33.56 million. China BAK Battery had a negative return on equity of 7.54% and a negative net margin of 6.29%. Analysts expect that China BAK Battery will post 0.19 earnings per share for the current year.

China BAK Battery Company Profile

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.