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

China Automotive Systems, Inc. (NASDAQ:CAAS)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-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 changing hands.

Analyst Ratings Changes

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

China Automotive Systems Stock Performance

The company’s fifty day moving average is $4.53 and its two-hundred day moving average is $4.43. The firm has a market cap of $131.24 million, a price-to-earnings ratio of 3.06 and a beta of 1.02.

China Automotive Systems (NASDAQ:CAAS) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $118.18 million.

Hedge Funds Weigh In On China Automotive Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in China Automotive Systems in the fourth quarter valued at approximately $47,000. Citadel Advisors LLC acquired a new position in shares of China Automotive Systems during the third quarter worth $213,000. Virtu Financial LLC acquired a new position in shares of China Automotive Systems during the third quarter worth $86,000. Bridgeway Capital Management LLC boosted its stake in shares of China Automotive Systems by 2.9% in the second quarter. Bridgeway Capital Management LLC now owns 301,155 shares of the auto parts company’s stock valued at $1,229,000 after purchasing an additional 8,547 shares during the period. Finally, Empowered Funds LLC boosted its stake in shares of China Automotive Systems by 8.6% in the first quarter. Empowered Funds LLC now owns 156,258 shares of the auto parts company’s stock valued at $691,000 after purchasing an additional 12,402 shares during the period. Hedge funds and other 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.