Bitauto (NYSE:BITA) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Bitauto (NYSE:BITA) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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 also recently issued reports on BITA. Bank of America dropped their price target on shares of Bitauto from $19.00 to $16.00 and set a buy rating on the stock in a research report on Thursday, August 29th. ValuEngine downgraded shares of Bitauto from a sell rating to a strong sell rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Bitauto has a consensus rating of Hold and a consensus target price of $19.00.

BITA traded up $0.09 during trading on Tuesday, reaching $15.22. 307,031 shares of the company’s stock were exchanged, compared to its average volume of 408,175. Bitauto has a one year low of $9.46 and a one year high of $25.34. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.10 billion, a PE ratio of 10.87 and a beta of 0.73. The firm has a fifty day moving average price of $15.22 and a two-hundred day moving average price of $12.50.

Bitauto (NYSE:BITA) last issued its quarterly earnings results on Thursday, September 5th. The information services provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.28). The firm had revenue of $406.60 million during the quarter, compared to analyst estimates of $388.27 million. Bitauto had a positive return on equity of 2.21% and a negative net margin of 4.86%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 EPS. Sell-side analysts expect that Bitauto will post 1.03 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of BITA. Marshall Wace North America L.P. acquired a new position in shares of Bitauto during the 1st quarter valued at $35,000. Segantii Capital Management Ltd lifted its position in shares of Bitauto by 16.7% during the 2nd quarter. Segantii Capital Management Ltd now owns 6,776 shares of the information services provider’s stock valued at $71,000 after acquiring an additional 968 shares during the period. Aperio Group LLC acquired a new position in shares of Bitauto during the 2nd quarter valued at $80,000. Tower Research Capital LLC TRC lifted its position in shares of Bitauto by 10,474.6% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,662 shares of the information services provider’s stock valued at $100,000 after acquiring an additional 6,599 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Bitauto by 39.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,215 shares of the information services provider’s stock valued at $117,000 after acquiring an additional 3,145 shares during the period. Hedge funds and other institutional investors own 22.86% of the company’s stock.

Bitauto Company Profile

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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