Price Action Report: What Next for China Automotive Systems, Inc. Stock After Achieving 52-Week High?

Price Action Report: What Next for China Automotive Systems, Inc. Stock After Achieving 52 Week High?

The stock of China Automotive Systems, Inc. (NASDAQ:CAAS) hit a new 52-week high and has $7.18 target or 7.00% above today’s $6.71 share price. The 6 months bullish chart indicates low risk for the $265.16M company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $7.18 price target is reached, the company will be worth $18.56M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 512,674 shares traded hands or 1300.14% up from the average. China Automotive Systems, Inc. (NASDAQ:CAAS) has risen 39.35% since April 25, 2016 and is uptrending. It has outperformed by 33.34% the S&P500.

Analysts await China Automotive Systems, Inc. (NASDAQ:CAAS) to report earnings on March, 29. They expect $0.19 earnings per share, down 13.64% or $0.03 from last year’s $0.22 per share. CAAS’s profit will be $7.51M for 8.83 P/E if the $0.19 EPS becomes a reality. After $0.18 actual earnings per share reported by China Automotive Systems, Inc. for the previous quarter, Wall Street now forecasts 5.56% EPS growth.

According to Zacks Investment Research, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles.”

Insitutional Activity: The institutional sentiment increased to 2.75 in 2016 Q2. Its up 2.25, from 0.5 in 2016Q1. The ratio is positive, as 5 funds sold all China Automotive Systems, Inc. shares owned while 3 reduced positions. 1 funds bought stakes while 3 increased positions. They now own 993,859 shares or 53.78% less from 2.15 million shares in 2016Q1.
First Manhattan, a New York-based fund reported 41,850 shares. Gabelli Funds Limited Liability Company has invested 0% of its portfolio in China Automotive Systems, Inc. (NASDAQ:CAAS). Gp One Trading L P holds 0% of its portfolio in China Automotive Systems, Inc. (NASDAQ:CAAS) for 140 shares. Bridgeway Cap Mngmt Incorporated accumulated 0% or 56,700 shares. Sensato Limited has 0.03% invested in the company for 63,563 shares. Tower Research Ltd Limited Liability Company (Trc) reported 4,241 shares or 0% of all its holdings. Stuyvesant Mngmt accumulated 43,157 shares or 0.27% of the stock. Walleye Trading Limited Liability Company holds 0% or 2,000 shares in its portfolio. Hanson And Doremus Investment Mgmt holds 67,525 shares or 0.1% of its portfolio. Geode Cap Mgmt Ltd Liability holds 14,219 shares or 0% of its portfolio. Seizert Capital Prtn Limited Liability Company accumulated 128,838 shares or 0.02% of the stock. The New York-based Spark Limited Liability has invested 0.02% in China Automotive Systems, Inc. (NASDAQ:CAAS). Renaissance Technologies Limited has 0% invested in the company for 377,833 shares. Pnc Financial Ser Grp Inc holds 11,393 shares or 0% of its portfolio. Deutsche National Bank Ag has 29,778 shares for 0% of their US portfolio.

Insider Transactions: Since June 2, 2016, the stock had 1 insider purchase, and 0 sales for $12,600 net activity. Wong Arthur Lap Tat bought $12,600 worth of China Automotive Systems, Inc. (NASDAQ:CAAS) on Thursday, June 2.

More important recent China Automotive Systems, Inc. (NASDAQ:CAAS) news were published by: Prnewswire.com which released: “China Automotive Systems Enters into Fiat Chrysler EPS System Procurement Program” on November 16, 2016, also Finance.Yahoo.com published article titled: “China Automotive (CAAS) Worth a Look: Stock Surges 24.6%”, Prnewswire.com published: “China Automotive Systems Reports 2016 Second Quarter Financial Results” on August 11, 2016. More interesting news about China Automotive Systems, Inc. (NASDAQ:CAAS) was released by: Prnewswire.com and their article: “China Automotive Systems Won China’s Highest Product Quality Award” with publication date: April 06, 2016.

CAAS Company Profile

China Automotive Systems, Inc., (China Automotive), incorporated on June 23, 1999, is a holding company. The Company, through its subsidiary, Great Genesis Holdings Limited (Genesis), owns interests in over eight Sino-joint ventures and over five subsidiaries in the People’s Republic of China (PRC), which manufacture power steering systems and/or related products for various divisions of the automobile industry. Genesis also owns interests in a Brazil trading company, which engages mainly in the import and sales of automotive parts in Brazil. Henglong USA Corporation (HLUSA), which is a subsidiary of the Company, engages in marketing of automotive parts in North America, and provides after sales service and research and development support. The Company’s geographical divisions include the United States, China and other foreign countries.

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