China Automotive Systems (NASDAQ:CAAS) Sees Large Volume Increase
Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) saw unusually-strong trading volume on Monday . Approximately 827,702 shares traded hands during trading, an increase of 1,958% from the previous session’s volume of 40,228 shares.The stock last traded at $3.85 and had previously closed at $3.18.
A number of equities analysts recently commented on CAAS shares. Zacks Investment Research cut China Automotive Systems from a “buy” rating to a “hold” rating in a report on Thursday, November 14th. ValuEngine downgraded shares of China Automotive Systems from a “buy” rating to a “hold” rating in a research report on Friday, November 15th.
The company’s 50-day simple moving average is $2.26 and its 200-day simple moving average is $2.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.50 and a quick ratio of 1.21. The stock has a market capitalization of $108.87 million, a price-to-earnings ratio of 48.13 and a beta of 1.83.
A hedge fund recently raised its stake in China Automotive Systems stock. Renaissance Technologies LLC grew its stake in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) by 6.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 346,124 shares of the auto parts company’s stock after acquiring an additional 20,433 shares during the period. Renaissance Technologies LLC owned 1.07% of China Automotive Systems worth $827,000 at the end of the most recent quarter. 2.39% of the stock is currently owned by institutional investors and hedge funds.
About China Automotive Systems (NASDAQ:CAAS)
China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. The company 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 systems and parts.
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