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 note issued to investors on Wednesday, August 30th.

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. “

A number of other research firms have also recently weighed in on BITA. BidaskClub raised Bitauto Holdings Limited from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 10th. ValuEngine raised Bitauto Holdings Limited from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Finally, HSBC Holdings plc reissued a “buy” rating and set a $33.00 target price (up from $27.00) on shares of Bitauto Holdings Limited in a research note on Wednesday, May 17th.

Shares of Bitauto Holdings Limited (NYSE:BITA) traded up 0.11% on Wednesday, reaching $44.32. The company had a trading volume of 1,496,561 shares. Bitauto Holdings Limited has a 52 week low of $16.56 and a 52 week high of $45.84. The firm’s market capitalization is $3.09 billion. The company’s 50-day moving average price is $36.71 and its 200 day moving average price is $29.78.

Bitauto Holdings Limited (NYSE:BITA) last posted its quarterly earnings data on Tuesday, August 15th. The information services provider reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.05). Bitauto Holdings Limited had a positive return on equity of 3.85% and a negative net margin of 4.76%. The company had revenue of $320.20 million for the quarter, compared to analyst estimates of $282.86 million. During the same period in the previous year, the business posted $0.20 earnings per share. The firm’s revenue was up 52.9% compared to the same quarter last year. On average, analysts expect that Bitauto Holdings Limited will post $1.17 EPS for the current year.

TRADEMARK VIOLATION WARNING: “Zacks Investment Research Upgrades Bitauto Holdings Limited (NYSE:BITA) to “Hold”” was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this article on another site, it was illegally stolen and reposted in violation of United States & international trademark and copyright laws. The original version of this article can be accessed at https://ledgergazette.com/2017/09/17/bitauto-holdings-limited-bita-raised-to-hold-at-zacks-investment-research.html.

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its stake in shares of Bitauto Holdings Limited by 9.6% during the 2nd quarter. SG Americas Securities LLC now owns 11,409 shares of the information services provider’s stock worth $328,000 after buying an additional 999 shares in the last quarter. California Public Employees Retirement System increased its stake in Bitauto Holdings Limited by 2.3% in the 2nd quarter. California Public Employees Retirement System now owns 58,300 shares of the information services provider’s stock valued at $1,676,000 after purchasing an additional 1,300 shares in the last quarter. Penserra Capital Management LLC increased its stake in Bitauto Holdings Limited by 19.4% in the 1st quarter. Penserra Capital Management LLC now owns 11,995 shares of the information services provider’s stock valued at $307,000 after purchasing an additional 1,953 shares in the last quarter. State Street Corp increased its stake in Bitauto Holdings Limited by 1.8% in 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 in the last quarter. Finally, First Trust Advisors LP increased its stake in Bitauto Holdings Limited by 3.6% in the 2nd quarter. First Trust Advisors LP now owns 68,169 shares of the information services provider’s stock valued at $1,960,000 after purchasing an additional 2,396 shares in the last quarter. 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.

Get a free copy of the Zacks research report on Bitauto Holdings Limited (BITA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Bitauto Holdings Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bitauto Holdings Limited and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply