SORL Auto Parts, Inc. (SORL) Trading Up 20.4% After Earnings Beat
SORL Auto Parts, Inc. (NASDAQ:SORL)’s share price was up 20.4% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $8.45 and last traded at $7.21. Approximately 7,089,700 shares were traded during mid-day trading, an increase of 1,136% from the average daily volume of 573,396 shares. The stock had previously closed at $5.99.
The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.26. SORL Auto Parts had a net margin of 8.54% and a return on equity of 17.35%. During the same period in the previous year, the firm earned $0.17 earnings per share.
Several research analysts have recently issued reports on SORL shares. Zacks Investment Research cut shares of SORL Auto Parts from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. ValuEngine cut shares of SORL Auto Parts from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th.
Several institutional investors have recently bought and sold shares of SORL. Dynamic Technology Lab Private Ltd bought a new position in shares of SORL Auto Parts in the second quarter valued at approximately $115,000. Macquarie Group Ltd. bought a new position in shares of SORL Auto Parts in the third quarter valued at approximately $140,000. California Public Employees Retirement System boosted its holdings in SORL Auto Parts by 226.5% during the first quarter. California Public Employees Retirement System now owns 54,200 shares of the company’s stock worth $209,000 after buying an additional 37,600 shares in the last quarter. MML Investors Services LLC bought a new stake in SORL Auto Parts during the second quarter worth approximately $214,000. Finally, JPMorgan Chase & Co. bought a new stake in SORL Auto Parts during the second quarter worth approximately $225,000. Institutional investors and hedge funds own 9.13% of the company’s stock.
The company has a market capitalization of $133.40, a price-to-earnings ratio of 3.89 and a beta of 1.73.
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About SORL Auto Parts
SORL Auto Parts, Inc, through its interests in the Ruili Group Ruian Auto Parts Co, Ltd., a Sino-foreign joint venture (Joint Venture), develops, manufactures and distributes automotive brake systems and other safety related auto parts to automotive original equipment manufacturers (OEMs), and the related aftermarket both in China and abroad.
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