Zacks Investment Research Upgrades Bitauto Holdings Limited (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. “

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

Bitauto Holdings Limited (BITA) traded up 0.11% during trading on Wednesday, hitting $44.32. 1,496,561 shares of the company traded hands. Bitauto Holdings Limited has a 52 week low of $16.56 and a 52 week high of $45.84. The stock’s market capitalization is $3.09 billion. The company’s 50 day moving average is $36.71 and its 200-day moving average is $29.78.

Bitauto Holdings Limited (NYSE:BITA) last announced its quarterly earnings data on Tuesday, August 15th. The information services provider reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.05). The company had revenue of $320.20 million during the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 52.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 EPS. Analysts predict that Bitauto Holdings Limited will post $1.17 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the business. Platinum Investment Management Ltd. lifted its stake in Bitauto Holdings Limited by 315.2% in the second quarter. Platinum Investment Management Ltd. now owns 2,379,526 shares of the information services provider’s stock valued at $68,411,000 after buying an additional 1,806,426 shares during the last quarter. State Street Corp lifted its stake in Bitauto Holdings Limited by 1.8% in the second quarter. State Street Corp now owns 117,280 shares of the information services provider’s stock valued at $3,372,000 after buying an additional 2,080 shares during the last quarter. Hillhouse Capital Management Ltd. purchased a new stake in Bitauto Holdings Limited in the second quarter valued at approximately $32,315,000. Macquarie Group Ltd. lifted its stake in Bitauto Holdings Limited by 76.6% in the second quarter. Macquarie Group Ltd. now owns 375,000 shares of the information services provider’s stock valued at $10,781,000 after buying an additional 162,600 shares during the last quarter. Finally, UBS Oconnor LLC purchased a new stake in Bitauto Holdings Limited in the second quarter valued at approximately $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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