China Automotive Systems (NASDAQ:CAAS) Shares Cross Above 200 Day Moving Average – Here’s What Happened

China Automotive Systems, Inc. (NASDAQ:CAAS) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.37 and traded as high as $4.74. China Automotive Systems shares last traded at $4.66, with a volume of 45,656 shares traded.

Analyst Upgrades and Downgrades

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

China Automotive Systems Trading Up 0.6%

The firm has a market capitalization of $140.59 million, a P/E ratio of 3.28 and a beta of 1.03. The company’s fifty day simple moving average is $4.40 and its 200 day simple moving average is $4.37.

China Automotive Systems (NASDAQ:CAAS) last issued its quarterly earnings data on Wednesday, April 22nd. The auto parts company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.07 by $0.54. China Automotive Systems had a net margin of 5.59% and a return on equity of 10.58%. The business had revenue of $229.19 million during the quarter, compared to analyst estimates of $118.18 million.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new position in China Automotive Systems in the 4th quarter worth $47,000. Citadel Advisors LLC purchased a new stake in shares of China Automotive Systems in the 3rd quarter worth about $213,000. Virtu Financial LLC purchased a new stake in shares of China Automotive Systems in the 3rd quarter worth about $86,000. Bridgeway Capital Management LLC grew 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 period. Finally, Empowered Funds LLC grew its position in shares of China Automotive Systems by 8.6% in the 1st quarter. Empowered Funds LLC now owns 156,258 shares of the auto parts company’s stock worth $691,000 after buying an additional 12,402 shares during the period. 5.17% of the stock is currently owned by institutional investors.

About China Automotive Systems

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.