China Automotive Systems (NASDAQ:CAAS) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, May 10th, ValuEngine reports.
Several other analysts also recently issued reports on CAAS. Zacks Investment Research raised shares of China Automotive Systems from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a report on Friday, January 18th. Greenridge Global reissued a “buy” rating on shares of China Automotive Systems in a report on Friday, March 29th.
Shares of CAAS traded up $0.08 during mid-day trading on Friday, hitting $2.58. 30,796 shares of the company’s stock were exchanged, compared to its average volume of 10,965. China Automotive Systems has a twelve month low of $2.00 and a twelve month high of $5.00. The firm has a market cap of $79.69 million, a price-to-earnings ratio of 32.25 and a beta of 1.56.
A hedge fund recently bought a new stake in China Automotive Systems stock. BlackRock Inc. purchased a new stake in shares of China Automotive Systems, Inc. (NASDAQ:CAAS) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,247 shares of the auto parts company’s stock, valued at approximately $52,000. BlackRock Inc. owned approximately 0.05% of China Automotive Systems at the end of the most recent reporting period. 2.54% of the stock is currently owned by hedge funds and other institutional investors.
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 company 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 systems and parts.
Recommended Story: How to interpret a stock’s beta number
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for China Automotive Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for China Automotive Systems and related companies with MarketBeat.com's FREE daily email newsletter.