Bridgeway Capital Management LLC recently announced the acquisition of new stake in China Automotive Systems Inc. (NASDAQ:CAAS). The institutional investor has increased its shareholding in the Consumer Cyclical company by 10.06% to 0.16 million shares with purchase of 14200.0 shares. This fresh investment now brings its stake to 0.52% valued currently at $0.9 million. In addition, Millennium Management LLC raised its holdings by 78597.0 to 0.11 million shares.
With over 0.12 million China Automotive Systems Inc. (CAAS) shares trading Monday and a closing price of $6.85 on the day, the dollar volume was approximately $0.8 million. The shares have shown a positive half year performance of 144.64% and its price on 01/23/23 gained nearly 2.24%. Currently, there are 30.64M common shares owned by the public and among those 10.51M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for CAAS have a consensus price objective of $7.50. The analysts have set the share’s price value over the next 12 months at a high of $7.50 and a low of $7.50. The average price target is 8.67% above its recent price level and an upside to the estimated low will see the stock gain 8.67% over that period. But an upside of 8.67% will see the stock hit the forecast high price target while median target price for the stock is $7.50.
Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in China Automotive Systems Inc. are Bridgeway Omni Small Cap Value Fu, Gabelli Small Cap Growth Fund, and Invesco Golden Dragon China ETF. Bridgeway Omni Small Cap Value Fu owns 0.12 million shares of the company’s stock, all valued at over $0.67 million. The company bought an additional 20400.0 shares recently to bring their total holdings to about 0.38% of the shares outstanding. Invesco Golden Dragon China ETF bought 144.0 shares to bring its total holdings to over 37613.0 shares at a value of $0.22 million. Invesco Golden Dragon China ETF now owns shares totaling to 0.13% of the shares outstanding.
Shares of China Automotive Systems Inc. (NASDAQ: CAAS) opened at $6.75, up $0.05 from a prior closing price of $6.70. However, the script later moved the day high at 6.97, up 2.24%. The company’s stock has a 5-day price change of 3.32% and 69.98% over the past three months. CAAS shares are trading 18.10% year to date (YTD), with the 12-month market performance up to 159.47% higher. It has a 12-month low price of $2.20 and touched a high of $8.13 over the same period. CAAS has an average intraday trading volume of 199.00K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.08%, 13.81%, and 71.07% respectively.
Institutional ownership of China Automotive Systems Inc. (NASDAQ: CAAS) shares accounts for 3.10% of the company’s 30.64M shares outstanding. Mutual fund holders own 1.97%, while other institutional holders and individual stakeholders account for 75.01% and 1.18% respectively.
It has a market capitalization of $200.36M and a beta (3y monthly) value of 2.32. The stock’s trailing 12-month PE ratio is 9.68, while the earnings-per-share (ttm) stands at $0.71. The company has a PEG of 0.97 and a Quick Ratio of 1.10 with the debt-to-equity ratio at 0.37. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.93% over the week and 6.96% over the month.
Analysts forecast that China Automotive Systems Inc. (CAAS) will achieve an EPS of $0.04 for the current quarter, $0.06 for the next quarter and $0.3 for 2023. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.04. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 323.50%, and -22.58% over the next financial year. EPS should grow at an annualized rate of 10.00% over the next five years, compared to -12.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate China Automotive Systems Inc. (CAAS) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Oppenheimer was of a view on July 14, 2011 that the stock is Outperform, while Oppenheimer gave the stock Outperform rating on March 18, 2011, issuing a price target of $24- $15. Rodman & Renshaw on their part issued Mkt Outperform rating on January 31, 2011.
