Citigroup began coverage on shares of Bitauto (NYSE:BITA) in a research report sent to investors on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $40.00 price target on the information services provider’s stock.
BITA has been the subject of a number of other reports. BidaskClub cut Bitauto from a strong-buy rating to a buy rating in a research note on Saturday, October 28th. Morgan Stanley initiated coverage on Bitauto in a research note on Wednesday, December 13th. They set an overweight rating for the company. Zacks Investment Research raised Bitauto from a sell rating to a buy rating and set a $56.00 price objective for the company in a research note on Tuesday, October 24th. Finally, ValuEngine cut Bitauto from a hold rating to a sell rating in a research note on Friday, December 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $43.00.
Shares of Bitauto (BITA) opened at $36.99 on Tuesday. Bitauto has a 52 week low of $18.04 and a 52 week high of $54.42. The company has a market capitalization of $2,650.00, a price-to-earnings ratio of -13.35 and a beta of 3.04.
Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in shares of Bitauto by 17.0% during the second quarter. Dimensional Fund Advisors LP now owns 534,870 shares of the information services provider’s stock worth $15,378,000 after purchasing an additional 77,591 shares during the period. Macquarie Group Ltd. grew its stake in shares of Bitauto by 22.5% during the third quarter. Macquarie Group Ltd. now owns 459,200 shares of the information services provider’s stock worth $20,517,000 after purchasing an additional 84,200 shares during the period. Aperio Group LLC acquired a new stake in shares of Bitauto during the third quarter worth $296,000. First Trust Advisors LP grew its stake in Bitauto by 16.9% in the third quarter. First Trust Advisors LP now owns 79,723 shares of the information services provider’s stock valued at $3,562,000 after acquiring an additional 11,554 shares during the period. Finally, Carmignac Gestion grew its stake in Bitauto by 763.0% in the third quarter. Carmignac Gestion now owns 2,154,660 shares of the information services provider’s stock valued at $96,270,000 after acquiring an additional 1,904,987 shares during the period. 27.82% of the stock is owned by institutional investors and hedge funds.
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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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