Bitauto (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. “
A number of other brokerages have also recently issued reports on BITA. BidaskClub cut shares of Bitauto from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 28th. ValuEngine upgraded shares of Bitauto from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd.
Shares of Bitauto (NYSE BITA) traded down $2.84 during trading on Tuesday, reaching $31.56. 3,124,388 shares of the company’s stock were exchanged, compared to its average volume of 929,945. Bitauto has a 12-month low of $16.56 and a 12-month high of $54.42.
Several hedge funds have recently made changes to their positions in the company. Cantillon Capital Management LLC raised its stake in shares of Bitauto by 10.4% in the 2nd quarter. Cantillon Capital Management LLC now owns 3,800,612 shares of the information services provider’s stock valued at $109,268,000 after buying an additional 359,377 shares in the last quarter. Platinum Investment Management Ltd. raised its stake in shares of Bitauto by 315.2% in the 2nd 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 in the last quarter. Carmignac Gestion raised its stake in shares of Bitauto by 763.0% in the 3rd quarter. Carmignac Gestion now owns 2,154,660 shares of the information services provider’s stock valued at $96,270,000 after buying an additional 1,904,987 shares in the last quarter. Bamco Inc. NY increased its position in shares of Bitauto by 17.1% during the 3rd quarter. Bamco Inc. NY now owns 1,494,080 shares of the information services provider’s stock worth $66,755,000 after purchasing an additional 218,380 shares in the last quarter. Finally, Hillhouse Capital Management Ltd. acquired a new stake in shares of Bitauto during the 2nd quarter worth about $32,315,000. Institutional investors own 28.22% of the company’s stock.
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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