Zacks Investment Research Upgrades Bitauto Holdings Limited (NYSE:BITA) to “Hold”

Bitauto Holdings Limited (NYSE:BITA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, September 6th.

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 research reports about the stock. BidaskClub downgraded shares of Bitauto Holdings Limited from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 19th. HSBC Holdings plc reaffirmed a “buy” rating and set a $33.00 target price (up from $27.00) on shares of Bitauto Holdings Limited in a report on Wednesday, May 17th. Finally, ValuEngine raised shares of Bitauto Holdings Limited from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd.

Shares of Bitauto Holdings Limited (NYSE:BITA) opened at 40.71 on Wednesday. The stock’s market cap is $2.84 billion. Bitauto Holdings Limited has a 52 week low of $16.56 and a 52 week high of $41.64. The stock’s 50 day moving average is $35.65 and its 200 day moving average is $29.41.

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 for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The company had revenue of $320.20 million for the quarter, compared to the consensus estimate of $282.86 million. Bitauto Holdings Limited had a negative net margin of 4.76% and a positive return on equity of 3.85%. The firm’s revenue for the quarter was up 52.9% on a year-over-year basis. During the same quarter last year, the company earned $0.20 EPS. On average, equities analysts forecast that Bitauto Holdings Limited will post $1.17 EPS for the current year.

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A number of hedge funds have recently made changes to their positions in BITA. Fox Run Management L.L.C. purchased a new stake in Bitauto Holdings Limited during the second quarter valued at approximately $250,000. SG Americas Securities LLC increased its holdings in Bitauto Holdings Limited by 67.1% during the first quarter. SG Americas Securities LLC now owns 10,410 shares of the information services provider’s stock valued at $267,000 after buying an additional 4,179 shares during the last quarter. Penserra Capital Management LLC increased its holdings in Bitauto Holdings Limited by 19.4% during the first quarter. Penserra Capital Management LLC now owns 11,995 shares of the information services provider’s stock valued at $307,000 after buying an additional 1,953 shares during the last quarter. Jane Street Group LLC purchased a new stake in Bitauto Holdings Limited during the first quarter valued at approximately $315,000. Finally, Formula Growth Ltd. purchased a new stake in Bitauto Holdings Limited during the first quarter valued at approximately $1,168,000. 19.66% of the stock is owned by institutional investors and hedge funds.

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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