China Automotive Systems (NASDAQ:CAAS) Stock Crosses Above 200-Day Moving Average – Time to Sell?

Shares of China Automotive Systems, Inc. (NASDAQ:CAAS) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.01 and traded as high as $4.45. China Automotive Systems shares last traded at $4.43, with a volume of 8,260 shares trading hands.

China Automotive Systems Stock Down 1.1 %

The company has a market cap of $132.21 million, a PE ratio of 4.17 and a beta of 2.33. The firm has a 50 day simple moving average of $4.42 and a 200-day simple moving average of $4.02.

China Automotive Systems announced that its board has approved a share buyback plan on Monday, November 18th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the auto parts company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On China Automotive Systems

Several institutional investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of China Automotive Systems by 14.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 87,102 shares of the auto parts company’s stock worth $401,000 after purchasing an additional 11,197 shares in the last quarter. Empowered Funds LLC grew its stake in shares of China Automotive Systems by 5.4% during the third quarter. Empowered Funds LLC now owns 136,737 shares of the auto parts company’s stock worth $629,000 after acquiring an additional 6,968 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of China Automotive Systems by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 419,994 shares of the auto parts company’s stock valued at $1,491,000 after purchasing an additional 6,900 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in China Automotive Systems in the 2nd quarter worth approximately $36,000. 5.17% of the stock is currently owned by institutional investors and hedge funds.

About China Automotive Systems

China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China, the United States, and internationally. It produces rack and pinion power steering gears for cars and light-duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronics and systems and parts.