China Automotive Systems (NASDAQ:CAAS) Shares Pass Above 200 Day Moving Average of $2.99

Shares of China Automotive Systems, Inc. (NASDAQ:CAASGet Rating) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.99 and traded as high as $4.30. China Automotive Systems shares last traded at $4.18, with a volume of 99,818 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CAAS. TheStreet raised shares of China Automotive Systems from a “c” rating to a “b-” rating in a research note on Thursday. Greenridge Global decreased their price target on shares of China Automotive Systems from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, May 24th. Finally, began coverage on shares of China Automotive Systems in a research note on Saturday. They issued a “buy” rating for the company.

China Automotive Systems Price Performance

The company has a market capitalization of $128.16 million, a P/E ratio of 9.09 and a beta of 2.21. The stock’s 50 day moving average is $3.29 and its 200-day moving average is $3.00.

Hedge Funds Weigh In On China Automotive Systems

An institutional investor recently raised its position in China Automotive Systems stock. Hanson & Doremus Investment Management raised its holdings in shares of China Automotive Systems, Inc. (NASDAQ:CAASGet Rating) by 399.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,164 shares of the auto parts company’s stock after purchasing an additional 19,324 shares during the period. Hanson & Doremus Investment Management owned 0.08% of China Automotive Systems worth $74,000 as of its most recent SEC filing. 2.57% of the stock is currently owned by institutional investors.

China Automotive Systems Company Profile

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China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. 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 electronic and hydraulic power steering systems and parts.

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