Sorl Auto Parts Sees Unusually-High Trading Volume Following Strong Earnings (SORL)
Sorl Auto Parts (NASDAQ:SORL) saw an uptick in trading volume on Monday following a stronger than expected earnings report, American Banking and Market News reports. 100,417 shares changed hands during mid-day trading, an increase of 61% from the previous session’s volume of 62,397 shares.The stock last traded at $3.41 and had previously closed at $3.54.
The company reported $0.14 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.11 by $0.03. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $41.30 million. During the same quarter last year, the company posted $0.06 earnings per share.
Separately, analysts at Zacks downgraded shares of Sorl Auto Parts to a “neutral” rating in a research note on Monday, April 14th. They now have a $3.60 price target on the stock.
The stock has a 50-day moving average of $3.32 and a 200-day moving average of $4.08. The company has a market cap of $65.2 million and a P/E ratio of 6.27.
SORL Auto Parts, Inc, through its 90% ownership of the Ruili Group Ruian Auto Parts Co, Ltd., a Sino-foreign joint venture (NASDAQ:SORL), develops, manufactures and distributes automotive air brake systems, air controlling systems and other related components to automotive original equipment manufacturers (OEMs), and the related aftermarket both in China and internationally.
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