Short Interest in China BAK Battery, Inc. (NASDAQ:CBAT) Declines By 23.2%

China BAK Battery, Inc. (NASDAQ:CBAT) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 952,400 shares, adecreaseof23.2% from the July 15th total of 1,240,000 shares. Currently,1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 239,000 shares, the days-to-cover ratio is currently 4.0 days. Based on an average daily trading volume, of 239,000 shares, the days-to-cover ratio is currently 4.0 days. Currently,1.3% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of China BAK Battery from a “sell” rating to a “hold” rating in a report on Saturday, June 14th.

Hedge Funds Weigh In On China BAK Battery

Large investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new stake in shares of China BAK Battery in the 4th quarter worth about $96,000. Bridgeway Capital Management LLC boosted its stake in shares of China BAK Battery by 2.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 687,125 shares of the electronics maker’s stock valued at $646,000 after purchasing an additional 16,788 shares during the last quarter. XTX Topco Ltd bought a new position in shares of China BAK Battery in the 1st quarter valued at about $27,000. Finally, Empowered Funds LLC boosted its stake in China BAK Battery by 8.7% during the 1st quarter. Empowered Funds LLC now owns 355,536 shares of the electronics maker’s stock worth $283,000 after acquiring an additional 28,411 shares during the last quarter. 1.97% of the stock is currently owned by institutional investors and hedge funds.

China BAK Battery Stock Performance

Shares of CBAT opened at $0.99 on Friday. The firm’s 50 day moving average is $1.06 and its 200-day moving average is $0.92. The stock has a market capitalization of $87.76 million, a P/E ratio of -9.90 and a beta of 1.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.72 and a quick ratio of 0.64. China BAK Battery has a 12-month low of $0.5670 and a 12-month high of $1.30.

China BAK Battery (NASDAQ:CBAT) last posted its quarterly earnings results on Monday, August 18th. The electronics maker reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $40.52 million during the quarter, compared to analysts’ expectations of $33.56 million. China BAK Battery had a negative net margin of 6.29% and a negative return on equity of 7.54%. Equities research analysts anticipate that China BAK Battery will post 0.19 EPS for the current fiscal year.

China BAK Battery 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.