Zacks Investment Research Upgrades SORL Auto Parts Inc. (SORL) to “Buy”
SORL Auto Parts Inc. (NASDAQ:SORL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $4.50 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 7.91% from the stock’s previous close.
According to Zacks, “Sorl Auto Parts specializes in the development, production and distribution of air brake valves and hydraulic brake valves. It is headquartered in the Ruian District of Wenzhou City, China’s automotive manufacturing center. SORL sells its products to forty-two vehicle manufacturers, including all of the truck manufacturers in China. SORL’s customer base consists of original equipment manufacturers, aftermarket distributors, and international customers. “
Separately, Greenridge Global downgraded SORL Auto Parts from a “buy” rating to a “hold” rating and set a $4.50 price objective for the company. in a report on Wednesday, September 21st.
Shares of SORL Auto Parts (NASDAQ:SORL) opened at 4.17 on Wednesday. SORL Auto Parts has a 1-year low of $1.39 and a 1-year high of $5.05. The stock’s 50 day moving average price is $4.28 and its 200-day moving average price is $2.68. The stock has a market capitalization of $80.50 million, a P/E ratio of 5.15 and a beta of 1.72.
SORL Auto Parts (NASDAQ:SORL) last released its quarterly earnings data on Monday, November 14th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The business earned $61.90 million during the quarter, compared to the consensus estimate of $51.13 million. SORL Auto Parts had a return on equity of 8.82% and a net margin of 6.83%. During the same quarter in the prior year, the company posted $0.11 earnings per share. Equities research analysts anticipate that SORL Auto Parts will post $0.75 EPS for the current fiscal year.
A hedge fund recently bought a new stake in SORL Auto Parts stock. Navellier & Associates Inc acquired a new position in shares of SORL Auto Parts Inc. (NASDAQ:SORL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,546 shares of the company’s stock, valued at approximately $230,000. Navellier & Associates Inc owned about 0.31% of SORL Auto Parts at the end of the most recent quarter. 4.88% of the stock is owned by institutional investors and hedge funds.
SORL Auto Parts Company Profile
SORL Auto Parts, Inc is a China-based Company through its 90% ownership of 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 (OEM), and the related aftermarket both in China and abroad.
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