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

China Automotive Systems, Inc. (NASDAQ:CAAS) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.33 and traded as high as $4.59. China Automotive Systems shares last traded at $4.54, with a volume of 15,303 shares.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of China Automotive Systems in a research note on Wednesday. One research analyst has rated the stock with a Hold rating, According to MarketBeat, China Automotive Systems has a consensus rating of “Hold”.

China Automotive Systems Stock Performance

The firm has a 50 day moving average of $4.29 and a two-hundred day moving average of $4.33. The stock has a market cap of $135.77 million, a P/E ratio of 3.17 and a beta of 1.03.

China Automotive Systems (NASDAQ:CAAS) last announced its earnings results on Wednesday, April 22nd. The auto parts company reported $0.61 earnings per share 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.

Institutional Trading of China Automotive Systems

Hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC bought a new stake in China Automotive Systems during the 3rd quarter valued at approximately $213,000. Bridgeway Capital Management LLC raised its holdings in 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 valued at $1,229,000 after acquiring an additional 8,547 shares in the last quarter. Empowered Funds LLC raised its holdings in 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 valued at $691,000 after acquiring an additional 12,402 shares in the last quarter. Virtu Financial LLC acquired a new position in China Automotive Systems in the 3rd quarter valued at approximately $86,000. Finally, XTX Topco Ltd acquired a new position in China Automotive Systems in the 4th quarter valued at approximately $47,000. Institutional investors own 5.17% of the company’s stock.

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.