Bitauto (NYSE:BITA) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Bitauto (NYSE:BITA) from a strong sell rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

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 equities research analysts also recently weighed in on the stock. Bank of America lowered their target price on shares of Bitauto from $19.00 to $16.00 and set a buy rating on the stock in a research note on Thursday, August 29th. ValuEngine downgraded shares of Bitauto from a sell rating to a strong sell rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $19.00.

BITA traded up $0.09 on Tuesday, reaching $15.22. The company had a trading volume of 307,031 shares, compared to its average volume of 408,175. The business has a 50 day simple moving average of $15.22 and a 200 day simple moving average of $12.50. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 10.87 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.16 and a current ratio of 1.16. Bitauto has a 52-week low of $9.46 and a 52-week high of $25.34.

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Bitauto (NYSE:BITA) last announced its earnings results on Thursday, September 5th. The information services provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.28). The company had revenue of $406.60 million during the quarter, compared to analysts’ expectations of $388.27 million. Bitauto had a negative net margin of 4.86% and a positive return on equity of 2.21%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. As a group, equities research analysts predict that Bitauto will post 1.03 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its stake in Bitauto by 10,474.6% in the third quarter. Tower Research Capital LLC TRC now owns 6,662 shares of the information services provider’s stock valued at $100,000 after purchasing an additional 6,599 shares in the last quarter. California Public Employees Retirement System raised its stake in Bitauto by 88.7% in the third quarter. California Public Employees Retirement System now owns 64,145 shares of the information services provider’s stock valued at $960,000 after purchasing an additional 30,153 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Bitauto during the third quarter worth approximately $1,407,000. River & Mercantile Asset Management LLP raised its stake in shares of Bitauto by 75.5% during the second quarter. River & Mercantile Asset Management LLP now owns 554,108 shares of the information services provider’s stock worth $5,799,000 after acquiring an additional 238,430 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Bitauto during the second quarter worth approximately $144,000. 22.86% of the stock is currently owned by institutional investors and hedge funds.

Bitauto Company Profile

Bitauto Holdings Limited, through its subsidiaries, provides Internet content and marketing services, and transaction services for the automobile industry in the People's Republic of China. It operates in three segments: Advertising and Subscription Business, Transaction Services Business, and Digital Marketing Solutions Business.

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