Bitauto Holdings Ltd. (BITA) Cut to Hold at Zacks Investment Research
Bitauto Holdings Ltd. (NYSE:BITA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 analysts have also issued research reports about the company. Macquarie initiated coverage on Bitauto Holdings in a research note on Friday, July 8th. They issued an “outperform” rating and a $34.00 target price for the company. JPMorgan Chase & Co. initiated coverage on Bitauto Holdings in a research note on Wednesday, August 31st. They issued an “overweight” rating and a $35.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $32.00.
Bitauto Holdings (NYSE:BITA) traded up 1.29% during mid-day trading on Tuesday, reaching $29.90. 299,886 shares of the company traded hands. The stock’s market capitalization is $1.86 billion. The company’s 50-day moving average is $27.44 and its 200-day moving average is $25.81. Bitauto Holdings has a 12-month low of $16.09 and a 12-month high of $37.31.
Bitauto Holdings (NYSE:BITA) last issued its earnings results on Tuesday, August 9th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by $0.09. The firm earned $209.40 million during the quarter, compared to analysts’ expectations of $204.27 million. Bitauto Holdings had a positive return on equity of 3.24% and a negative net margin of 11.77%. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 EPS. Equities analysts predict that Bitauto Holdings will post $0.87 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Penserra Capital Management LLC increased its position in shares of Bitauto Holdings by 10.0% in the second quarter. Penserra Capital Management LLC now owns 6,916 shares of the company’s stock worth $186,000 after buying an additional 630 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Bitauto Holdings during the second quarter worth approximately $199,000. BlackRock Inc. increased its position in shares of Bitauto Holdings by 8.5% in the first quarter. BlackRock Inc. now owns 8,600 shares of the company’s stock worth $213,000 after buying an additional 671 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Bitauto Holdings by 61.5% in the second quarter. Public Employees Retirement System of Ohio now owns 8,400 shares of the company’s stock worth $226,000 after buying an additional 3,200 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Bitauto Holdings during the second quarter worth approximately $690,000. Institutional investors own 20.89% of the company’s stock.
About Bitauto Holdings
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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