According to PriceTargets.com, analysts at Greenridge Global Research changed their rating on China Automotive Systems (NASDAQ: CAAS) on Wednesday from “buy” to “hold.” Greenridge Global projected China Automotive Systems’ earnings for the first quarter of 2023 to be $0.11 per share. Earnings for the second quarter of 2023 were projected to be $0.12 per share. Earnings for the third quarter of 2023 were projected to be $0.13 per share. Earnings for the fourth quarter of 2023 were projected to be $0.12 per share. Earnings for the full year of 2023 were projected to be $0.48 per share.
Analysts from a wide variety of firms have recently been examining the company’s share price. On October 12th, StockNews.com came out with a report that said they would start covering China Automotive Systems shares. The announcement was made on Wednesday. They encouraged potential investors to make a “strong-buy” of the stock. TheStreet downgraded China Automotive Systems from a rating of “b-” to a rating of “c” in a research study released on Monday, November 14th.
On Wednesday, the CAAS stock began trading for the first time for $6.71. China Automotive Systems saw its prices fluctuate throughout the previous year, with the lowest point at $2.20 and the highest at $8.13. The price-to-earnings ratio for the company is 9.45, and its beta value is 2.24. The company is currently valued at a total of $205.74 million by the market. The moving average for the company over the past 50 days is $5.06, while the moving average over the last 200 days is $3.93.
China Automotive Systems (NASDAQ: CAAS) disseminated information regarding the company’s financial performance to the general public on Monday, November 14th. The earnings per share that the auto parts business generated for the quarter came in at $0.24, which is $0.20 more than the average prediction of $0.04 per share. In the previous fiscal year, China Automotive Systems recorded a return on equity of 6.61 percent and a net margin of 4.05 percent. The company’s most recent quarter’s revenue came in at $137.21 million, which is substantially higher than the consensus projection of $120.56 million for that quarter’s revenue. This year, analysts believe that China Automotive Systems will generate a profit of $0.62 per share of stock. These predictions were based on historical data.
The number of shares of stock in China Automotive Systems owned by a hedge fund has recently increased. Marshall Wace LLP increased its holdings in China Automotive Systems, Inc. common stock during the third quarter, according to the most recent report that China Automotive Systems, Inc. made to the Securities and Exchange Commission. The company’s common stock is traded under the NASDAQ ticker: CAAS (SEC). The institutional investor spent nearly 191,000 dollars to purchase 48,480 shares in the automotive parts manufacturer. These shares were purchased with cash. The most recent disclosure that Marshall Wace LLP provided to the Securities and Exchange Commission indicated that the company owned approximately 0.16% of China Automotive Systems (SEC). There are currently 2.57% of the company’s shares held by institutional investors such as hedge funds and other institutional investors.
Through its subsidiaries, China Automobile Systems, Inc. is in charge of producing and distributing a wide range of automotive components and systems inside the borders of the People’s Republic of China. The company produces both rack and pinion power steering gears and integral power steering gears for heavy-duty vehicles. These power steering gears are used in cars and other light-duty vehicles. In addition, it produces steering systems and columns for automobiles, as well as electronic and hydraulic power steering systems and components for automobiles.
Discussion about this post