CBAK Energy Technology, Inc. (NASDAQ:CBAT) Sees Significant Growth in Short Interest

CBAK Energy Technology, Inc. (NASDAQ:CBAT) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 1,770,000 shares, a growth of 35.1% from the December 31st total of 1,310,000 shares. Approximately 2.5% of the company’s shares are sold short. Based on an average trading volume of 569,300 shares, the days-to-cover ratio is presently 3.1 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CBAT. Empowered Funds LLC raised its position in shares of CBAK Energy Technology by 5.4% during the fourth quarter. Empowered Funds LLC now owns 327,125 shares of the electronics maker’s stock worth $307,000 after purchasing an additional 16,788 shares during the period. Marshall Wace LLP bought a new stake in CBAK Energy Technology during the 2nd quarter worth approximately $171,000. XTX Topco Ltd acquired a new stake in CBAK Energy Technology during the 3rd quarter worth approximately $46,000. Finally, PFG Investments LLC bought a new position in CBAK Energy Technology in the third quarter valued at approximately $44,000. 1.97% of the stock is owned by institutional investors and hedge funds.

CBAK Energy Technology Stock Up 2.9 %

Shares of CBAT stock opened at $0.95 on Friday. CBAK Energy Technology has a 12-month low of $0.77 and a 12-month high of $2.08. The firm has a fifty day moving average of $0.92 and a 200-day moving average of $1.03. The firm has a market capitalization of $85.11 million, a price-to-earnings ratio of 7.89 and a beta of 1.74.

CBAK Energy Technology Company Profile

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.