Bitauto Hldg Ltd (BITA) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Bitauto Hldg Ltd (NYSE:BITA) from a hold rating to a sell rating in a report released on Thursday.

According to Zacks, “Bitauto Holdings Limited is engaged in providing internet content and marketing services for automotive industry in China. Its bitauto.com and ucar.cn websites provide consumers new and used automobile pricing information, specifications, reviews and consumer feedback. The Company operates in three segments- bitauto.com business, ucar.cn business and digital marketing solutions business. Bitauto.com business provides subscription services to new automobile dealers and advertising services to dealers and automakers on bitauto.com website. Bitauto’s ucar.cn business provides listing and advertising services to used automobile dealers on ucar.cn website. The Company’s digital marketing solutions business provides automakers with digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns and advertising agent services. Bitauto Holdings Limited is headquartered in Beijing, the People’s Republic of China. “

Other research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Bitauto Hldg from a strong-buy rating to a buy rating in a research note on Saturday, August 19th. HSBC Holdings plc reiterated a buy rating and set a $33.00 price objective (up from $27.00) on shares of Bitauto Hldg in a research note on Wednesday, May 17th. Finally, ValuEngine upgraded shares of Bitauto Hldg from a sell rating to a hold rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $34.00.

Shares of Bitauto Hldg (BITA) traded down 0.08% during midday trading on Thursday, reaching $37.66. The company’s stock had a trading volume of 745,234 shares. The company has a 50 day moving average price of $33.23 and a 200-day moving average price of $27.78. Bitauto Hldg has a 52 week low of $16.56 and a 52 week high of $41.64. The stock’s market capitalization is $2.63 billion.

Bitauto Hldg (NYSE:BITA) last posted its quarterly earnings data on Tuesday, August 15th. The information services provider reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.05. Bitauto Hldg had a negative net margin of 2.91% and a negative return on equity of 6.75%. The company had revenue of $320.20 million for the quarter, compared to the consensus estimate of $282.86 million. During the same quarter last year, the company earned $0.20 earnings per share. The company’s revenue was up 52.9% compared to the same quarter last year. On average, equities research analysts expect that Bitauto Hldg will post $1.18 EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of BITA. Platinum Investment Management Ltd. increased its position in Bitauto Hldg by 315.2% in the second quarter. Platinum Investment Management Ltd. now owns 2,379,526 shares of the information services provider’s stock worth $68,411,000 after buying an additional 1,806,426 shares during the last quarter. Hillhouse Capital Management Ltd. acquired a new position in Bitauto Hldg during the second quarter worth about $32,315,000. Pictet Asset Management Ltd. acquired a new position in Bitauto Hldg during the first quarter worth about $24,184,000. Bamco Inc. NY increased its position in Bitauto Hldg by 74.2% in the second quarter. Bamco Inc. NY now owns 1,275,700 shares of the information services provider’s stock worth $36,676,000 after buying an additional 543,312 shares during the last quarter. Finally, UBS Group AG increased its position in Bitauto Hldg by 6,428.0% in the first quarter. UBS Group AG now owns 410,347 shares of the information services provider’s stock worth $10,509,000 after buying an additional 404,061 shares during the last quarter. Institutional investors own 18.50% of the company’s stock.

About Bitauto Hldg

Bitauto Holdings Limited is a provider of Internet content and marketing services for China’s automotive industry. The Company’s bitauto.com and taoche.com Websites provide consumers with information on new and used automobile pricing, and promotional information, specifications, reviews and consumer feedback.




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