Short Interest in China BAK Battery, Inc. (NASDAQ:CBAT) Grows By 77.2%

China BAK Battery, Inc. (NASDAQ:CBAT) was the target of a large growth in short interest in the month of August. As of August 14th, there was short interest totaling 558,703 shares, a growth of 77.2% from the July 30th total of 315,302 shares. Based on an average daily trading volume, of 415,059 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.6% of the company’s stock are short sold.

China BAK Battery Price Performance

CBAT opened at $0.93 on Monday. The business’s 50-day moving average is $0.63 and its two-hundred day moving average is $0.77. China BAK Battery has a 1 year low of $0.46 and a 1 year high of $1.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.65 and a quick ratio of 0.44. The firm has a market capitalization of $82.45 million, a PE ratio of -5.17 and a beta of 1.35.

Institutional Inflows and Outflows

A hedge fund recently raised its position in China BAK Battery stock. Empowered Funds LLC increased its position in shares of China BAK Battery, Inc. (NASDAQ:CBAT) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 355,536 shares of the electronics maker’s stock after acquiring an additional 28,411 shares during the quarter. Empowered Funds LLC owned about 0.40% of China BAK Battery worth $283,000 as of its most recent SEC filing. 1.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of China BAK Battery in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

About China BAK Battery

China BAK Battery Inc (NASDAQ: CBAT) is a China-based developer and manufacturer of rechargeable lithium-ion batteries and related power solutions. The company’s core product lines include small, medium and large format batteries, battery modules and pack assemblies designed for consumer electronics, electric vehicles, energy storage systems and other industrial applications. China BAK Battery offers polymer lithium-ion cells, prismatic and cylindrical cells, as well as integrated battery systems tailored to meet the performance requirements of its clients.

Founded in 2001 and headquartered in Shenzhen, China BAK Battery has expanded its manufacturing footprint and research and development capabilities over the years to serve customers across Asia, Europe and North America.