Bitauto (NYSE:BITA) Sees Large Volume Increase

Bitauto Hldg Ltd (NYSE:BITA) shares saw strong trading volume on Friday . 3,859,247 shares traded hands during trading, an increase of 397% from the previous session’s volume of 775,896 shares.The stock last traded at $14.95 and had previously closed at $13.75.

A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Bitauto from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, June 28th. Bank of America cut their price target on Bitauto from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, Zacks Investment Research lowered Bitauto from a “hold” rating to a “sell” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Bitauto currently has an average rating of “Hold” and a consensus price target of $19.00.

The stock has a 50 day moving average price of $11.83 and a 200 day moving average price of $12.84. The stock has a market capitalization of $939.06 million, a price-to-earnings ratio of 10.68 and a beta of 0.74. The company has a quick ratio of 1.18, a current ratio of 1.16 and a debt-to-equity ratio of 0.26.

Bitauto (NYSE:BITA) last announced its quarterly earnings results on Thursday, September 5th. The information services provider reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.28). Bitauto had a negative net margin of 4.86% and a positive return on equity of 2.95%. The firm had revenue of $406.60 million for the quarter, compared to analyst estimates of $388.27 million. During the same period in the previous year, the business posted $0.49 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. Sell-side analysts forecast that Bitauto Hldg Ltd will post 1.28 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. River & Mercantile Asset Management LLP lifted its stake in shares of Bitauto by 75.5% in the second quarter. River & Mercantile Asset Management LLP now owns 554,108 shares of the information services provider’s stock worth $5,799,000 after acquiring an additional 238,430 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Bitauto in the second quarter worth approximately $144,000. Royal Bank of Canada lifted its stake in shares of Bitauto by 11.3% in the second quarter. Royal Bank of Canada now owns 22,675 shares of the information services provider’s stock worth $238,000 after acquiring an additional 2,305 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Bitauto in the second quarter worth approximately $423,000. Finally, Jane Street Group LLC lifted its stake in shares of Bitauto by 39.1% in the second quarter. Jane Street Group LLC now owns 31,471 shares of the information services provider’s stock worth $330,000 after acquiring an additional 8,840 shares during the period. 23.61% of the stock is currently owned by hedge funds and other institutional investors.

Bitauto Company Profile (NYSE:BITA)

Bitauto Holdings Limited, through its subsidiaries, provides Internet content and marketing services, and transaction services for the automobile industry in the People's Republic of China. It operates in three segments: Advertising and Subscription Business, Transaction Services Business, and Digital Marketing Solutions Business.

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