China Automotive Systems (NASDAQ:CAAS) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $4.43 and traded as high as $4.47. China Automotive Systems shares last traded at $4.35, with a volume of 5,126 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded China Automotive Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold”.

China Automotive Systems Price Performance

The firm has a market cap of $131.24 million, a P/E ratio of 3.06 and a beta of 1.02. The firm’s 50-day moving average price is $4.53 and its 200 day moving average price is $4.43.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings data on Wednesday, April 22nd. The auto parts company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.54. China Automotive Systems had a return on equity of 10.58% and a net margin of 5.59%.The firm had revenue of $229.19 million for the quarter, compared to analysts’ expectations of $118.18 million.

Institutional Trading of China Automotive Systems

Institutional investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC lifted its position in shares of China Automotive Systems by 2.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 301,155 shares of the auto parts company’s stock worth $1,229,000 after buying an additional 8,547 shares during the last quarter. Empowered Funds LLC raised its stake in China Automotive Systems by 8.6% during the first quarter. Empowered Funds LLC now owns 156,258 shares of the auto parts company’s stock worth $691,000 after acquiring an additional 12,402 shares during the period. Citadel Advisors LLC bought a new position in China Automotive Systems in the third quarter worth about $213,000. Virtu Financial LLC acquired a new position in China Automotive Systems in the third quarter valued at approximately $86,000. Finally, XTX Topco Ltd bought a new position in shares of China Automotive Systems during the fourth quarter valued at approximately $47,000. Institutional investors own 5.17% of the company’s stock.

China Automotive Systems Company Profile

China Automotive Systems, Inc (NASDAQ: CAAS) is a leading designer, manufacturer and marketer of power steering systems and related components primarily for the automotive industry in China. The company’s core business centers on hydraulic and electric power steering products, steering columns, steering gearboxes and electronic control units. By integrating research and development, manufacturing and sales, China Automotive Systems aims to deliver high-quality steering solutions that meet the performance and safety requirements of global automakers.

The company’s product portfolio includes traditional hydraulic power steering systems, which have long been favored for their reliability, as well as advanced electric power steering units that offer improved fuel efficiency and enhanced vehicle control.