CBAK Energy Technologies (NASDAQ: CBAT – ACHIEVED RATING) saw a sharp drop in short interest in September. As of Sept. 15, short interest totaled 2,620,000 shares, a decrease of 8.1% from 2,850,000 shares on Aug. 31. Based on an average daily volume of 343,900 shares, the current short interest rate is 7.6 days. Currently, 4.9% of the company’s stock is sold short.
Hedge Funds Weigh CBAK Energy Tech
Large investors have recently revised their holdings in the business. Ergoteles LLC took a new position in CBAK Energy Technology stock worth approximately $29,000 in the first quarter. Spire Wealth Management acquired a new position in CBAK Energy Technology stock for about $47,000 in the second quarter. UBS increased its stake in CBAK Energy Technology by 257.7% in the second quarter. UBS now owns 69,346 shares of the electronics maker’s stock, worth $74,000, after buying an additional 49,962 shares in the previous quarter. Jane Street Group LLC increased its stake in CBAK Energy Technology by 31.8% in the first quarter. Jane Street Group LLC now owns 79,432 shares of the electronics maker’s stock, valued at $102,000, after purchasing an additional 19,149 shares in the previous quarter. Finally, Goldman Sachs. In the first quarter, it increased its holdings of CBAK Energy Technology by 94.8%. Goldman Sachs Group Inc. now owns 91,519 shares of the electronics maker’s stock, worth $117,000, after buying an additional 44,529 shares in the previous quarter. 2.84% of the stock is currently held by institutional investors and hedge funds.
CBAK energy tech trades up 0.9%
Shares in CBAK Energy Technology were up $0.01 at $1.15 in Friday’s session. The company’s stock was traded at 110,521 shares, compared to its average volume of 216,658 shares. The company has a 50-day moving average of $1.32 and a 200-day moving average of $1.22. CBAK Energy Technology had a 52-week low of $0.92 and a 52-week high of $3.57. The stock has a market cap of $102.34 million, a price-to-earnings ratio of 3.38, and a beta of 2.76.
About CBAK Energy Technology
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CBAK Energy Technology, Inc and its subsidiaries develop, manufacture and sell lithium batteries in mainland China, the United States, Korea, Europe and internationally. Its products are used in a variety of applications, including electric vehicles, such as electric vehicles, electric buses, hybrid electric vehicles and buses; light electric vehicles, including electric bicycles, electric motors, sightseeing vehicles; power tools, energy storage, uninterruptible power supplies, etc. High power applications, as well as cordless power tools.
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