Greenridge Global Downgrades Sorl Auto Parts to Hold

Brokerage firm Greenridge Global Downgrades its rating on Sorl Auto Parts(NASDAQ:SORL). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Greenridge Global was issued on Sep 21, 2016.

Sorl Auto Parts (SORL) shares turned negative on Tuesdays trading session with the shares closing down -0.15 points or -3.36% at a volume of 12,77,337. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $4.85. The peak price level was also seen at $4.85 while the days lowest was $4.23. Finally the shares closed at $4.32. The 52-week high of the shares is $4.85 while the 52-week low is $1.39. According to the latest information available, the market cap of the company is $83 M.

Sorl Auto Parts(SORL) last announced its earnings results on Aug 15, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $73.54M. Analysts had an estimated revenue of $57.71M. Earnings per share were $0.37. Analysts had estimated an EPS of $0.18.

SORL Auto Parts Inc. is a China-based Company through its 90% ownership of 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 (OEM) and the related aftermarket both in China and abroad. The Company has two segments: Commercial Vehicle Brake Systems and Passenger Vehicle Brake Systems. The Company’s products are principally used in different types of commercial vehicles such as trucks and buses and include a range of products covering 65 categories and over 2000 specifications in automotive brake systems. The Company sells its products to 75 vehicle manufacturers including all of the primary truck manufacturers in China. The Company sells its products in approximately 104 countries and regions.

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