Bitauto (BITA) Rating Lowered to Hold at Zacks Investment Research
Bitauto (NYSE:BITA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Several other equities analysts have also commented on the stock. BidaskClub lowered shares of Bitauto from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 26th. ValuEngine raised shares of Bitauto from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd.
Shares of Bitauto (NYSE:BITA) opened at $30.04 on Tuesday. Bitauto has a 52-week low of $16.56 and a 52-week high of $54.42.
Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in shares of Bitauto by 9.6% during the 2nd quarter. SG Americas Securities LLC now owns 11,409 shares of the information services provider’s stock valued at $328,000 after purchasing an additional 999 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Bitauto by 2.3% during 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 during the last quarter. State Street Corp grew its holdings in shares of Bitauto by 1.8% during 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 during the last quarter. Advisors Preferred LLC bought a new position in shares of Bitauto during the 3rd quarter valued at $105,000. Finally, First Trust Advisors LP grew its holdings in shares of Bitauto by 3.6% during 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 during the last quarter. 28.22% of the stock is currently owned by institutional investors.
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Bitauto 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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