Bitauto Holdings Limited (BITA) Upgraded to “Hold” by Zacks Investment Research

Bitauto Holdings Limited (NYSE:BITA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, September 15th.

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. “

Several other analysts also recently issued reports on BITA. ValuEngine raised shares of Bitauto Holdings Limited from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. BidaskClub raised Bitauto Holdings Limited from a “hold” rating to a “buy” rating in a research report on Monday, July 31st.

Shares of Bitauto Holdings Limited (NYSE:BITA) opened at 44.68 on Friday. The company’s 50-day moving average is $37.59 and its 200-day moving average is $30.30. Bitauto Holdings Limited has a one year low of $16.56 and a one year high of $47.82. The stock’s market capitalization is $3.12 billion.

Bitauto Holdings Limited (NYSE:BITA) last issued its quarterly earnings data on Tuesday, August 15th. The information services provider reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The business had revenue of $320.20 million during the quarter, compared to the consensus estimate of $282.86 million. Bitauto Holdings Limited had a positive return on equity of 3.85% and a negative net margin of 4.76%. The company’s revenue for the quarter was up 52.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share. On average, equities research analysts anticipate that Bitauto Holdings Limited will post $1.12 earnings per share for the current year.

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Several hedge funds have recently made changes to their positions in BITA. Platinum Investment Management Ltd. lifted its stake in Bitauto Holdings Limited by 315.2% during 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 purchasing an additional 1,806,426 shares during the period. State Street Corp lifted its holdings in Bitauto Holdings Limited by 1.8% during the 2nd quarter. State Street Corp now owns 117,280 shares of the information services provider’s stock valued at $3,372,000 after purchasing an additional 2,080 shares during the last quarter. Hillhouse Capital Management Ltd. acquired a new stake in shares of Bitauto Holdings Limited during the second quarter worth approximately $32,315,000. Macquarie Group Ltd. grew its position in Bitauto Holdings Limited by 76.6% during the 2nd quarter. Macquarie Group Ltd. now owns 375,000 shares of the information services provider’s stock worth $10,781,000 after acquiring an additional 162,600 shares during the last quarter. Finally, UBS Oconnor LLC bought a new position in Bitauto Holdings Limited in the 2nd quarter valued at $4,571,000. Institutional investors own 19.66% of the company’s stock.

Bitauto Holdings Limited Company Profile

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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