Short Interest in China BAK Battery, Inc. (NASDAQ:CBAT) Rises By 96.2%

China BAK Battery, Inc. (NASDAQ:CBAT) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 240,925 shares, a growth of 96.2% from the March 15th total of 122,784 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average daily volume of 117,359 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Investors Weigh In On China BAK Battery

A hedge fund recently raised its stake in China BAK Battery stock. Empowered Funds LLC grew its stake in China BAK Battery, Inc. (NASDAQ:CBAT) by 8.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 355,536 shares of the electronics maker’s stock after buying an additional 28,411 shares during the period. Empowered Funds LLC owned 0.40% of China BAK Battery worth $283,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 1.97% of the company’s stock.

China BAK Battery Trading Up 1.0%

Shares of CBAT stock opened at $0.82 on Wednesday. The stock has a market cap of $72.52 million, a price-to-earnings ratio of -8.18 and a beta of 1.36. The stock has a 50-day moving average of $0.91 and a 200-day moving average of $0.90. The company has a current ratio of 0.60, a quick ratio of 0.43 and a debt-to-equity ratio of 0.04. China BAK Battery has a 1-year low of $0.67 and a 1-year high of $1.25.

China BAK Battery (NASDAQ:CBAT) last issued its quarterly earnings results on Monday, March 30th. The electronics maker reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The company had revenue of $58.80 million during the quarter, compared to analyst estimates of $64.57 million. China BAK Battery had a negative net margin of 4.80% and a negative return on equity of 8.11%. On average, equities research analysts forecast that China BAK Battery will post 0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of China BAK Battery in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently 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.