China Automotive Systems (NASDAQ:CAAS) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Friday, ValuEngine reports.

Several other research analysts have also commented on the company. TheStreet raised China Automotive Systems from a “d” rating to a “c-” rating in a research report on Wednesday, August 5th. Zacks Investment Research raised China Automotive Systems from a “sell” rating to a “hold” rating in a research report on Friday, November 13th.

CAAS opened at $3.38 on Friday. The firm has a market cap of $104.28 million, a price-to-earnings ratio of 338.00 and a beta of 1.39. China Automotive Systems has a 52 week low of $1.42 and a 52 week high of $4.16. The business’s 50 day moving average is $3.06 and its two-hundred day moving average is $2.71.

China Automotive Systems (NASDAQ:CAAS) last released its quarterly earnings results on Tuesday, November 17th. The auto parts company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.01 by $0.07. During the same period last year, the business posted $0.13 EPS. On average, sell-side analysts predict that China Automotive Systems will post -0.04 earnings per share for the current fiscal year.

China Automotive Systems declared that its board has initiated a share buyback plan on Tuesday, August 25th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire up to 5.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

About China Automotive Systems

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 and hydraulic power steering systems and parts.

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