Bitauto Holdings Ltd. (BITA) Stock Rating Upgraded by Zacks Investment Research
Bitauto Holdings Ltd. (NYSE:BITA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $29.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.10% from the stock’s current price.
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. “
Other research analysts have also issued research reports about the company. Brean Capital reaffirmed a “hold” rating on shares of Bitauto Holdings in a research report on Tuesday, May 24th. Macquarie initiated coverage on Bitauto Holdings in a research report on Friday, July 8th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, JPMorgan Chase & Co. initiated coverage on Bitauto Holdings in a research report on Wednesday, August 31st. They set an “overweight” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.00.
Bitauto Holdings (NYSE:BITA) opened at 25.64 on Thursday. The stock’s 50 day moving average price is $26.71 and its 200-day moving average price is $25.29. The stock’s market cap is $1.59 billion. Bitauto Holdings has a 12 month low of $16.09 and a 12 month high of $37.31.
Bitauto Holdings (NYSE:BITA) last posted its earnings results on Tuesday, August 9th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.30 by $0.09. The business had revenue of $209.40 million for the quarter, compared to analysts’ expectations of $204.27 million. Bitauto Holdings had a positive return on equity of 3.24% and a negative net margin of 11.77%. Bitauto Holdings’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. Equities research analysts predict that Bitauto Holdings will post $0.87 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio raised its position in Bitauto Holdings by 61.5% in the second quarter. Public Employees Retirement System of Ohio now owns 8,400 shares of the company’s stock worth $226,000 after buying an additional 3,200 shares during the last quarter. Toronto Dominion Bank acquired a new position in shares of Bitauto Holdings during the second quarter worth $715,000. Hsbc Holdings PLC raised its position in shares of Bitauto Holdings by 18.4% in the second quarter. Hsbc Holdings PLC now owns 201,168 shares of the company’s stock worth $5,423,000 after buying an additional 31,325 shares in the last quarter. FMR LLC raised its position in shares of Bitauto Holdings by 17.9% in the second quarter. FMR LLC now owns 2,578,760 shares of the company’s stock worth $69,524,000 after buying an additional 392,442 shares in the last quarter. Finally, FIL Ltd raised its position in shares of Bitauto Holdings by 10.2% in the second quarter. FIL Ltd now owns 722,086 shares of the company’s stock worth $19,468,000 after buying an additional 67,088 shares in the last quarter. 20.91% of the stock is currently owned by institutional investors and hedge funds.
About Bitauto Holdings
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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