Sorl Auto Parts, Inc. (NASDAQ:SORL) dropped 6.3% on Wednesday . The stock traded as low as $7.20 and last traded at $7.23. Approximately 683,132 shares changed hands during trading, an increase of 15% from the average daily volume of 591,614 shares. The stock had previously closed at $7.72.
SORL has been the topic of several research reports. Zacks Investment Research lowered Sorl Auto Parts from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. ValuEngine lowered Sorl Auto Parts from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 7th. Finally, Greenridge Global set a $10.00 price target on Sorl Auto Parts and gave the company a “buy” rating in a research report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, one has given a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $8.75.
The firm has a market capitalization of $143.82, a P/E ratio of 4.84 and a beta of 1.98.
A number of large investors have recently made changes to their positions in the business. AJO LP purchased a new position in Sorl Auto Parts during the second quarter valued at $1,832,000. Allianz Asset Management GmbH purchased a new position in Sorl Auto Parts during the third quarter valued at $421,000. Navellier & Associates Inc raised its stake in Sorl Auto Parts by 19.3% during the second quarter. Navellier & Associates Inc now owns 67,285 shares of the company’s stock valued at $449,000 after buying an additional 10,875 shares during the last quarter. California Public Employees Retirement System raised its stake in Sorl Auto Parts by 226.5% during the first quarter. California Public Employees Retirement System now owns 54,200 shares of the company’s stock valued at $209,000 after buying an additional 37,600 shares during the last quarter. Finally, USA Financial Portformulas Corp purchased a new position in Sorl Auto Parts during the second quarter valued at $296,000. Institutional investors and hedge funds own 7.74% of the company’s stock.
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About Sorl Auto Parts
SORL Auto Parts, Inc, through its interests in the Ruili Group Ruian Auto Parts Co, Ltd., a Sino-foreign joint venture (Joint Venture), develops, manufactures and distributes automotive brake systems and other safety related auto parts to automotive original equipment manufacturers (OEMs), and the related aftermarket both in China and abroad.
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