Zacks Investment Research Downgrades Bitauto (BITA) to Sell

Zacks Investment Research downgraded shares of Bitauto (NYSE:BITA) from a buy rating to a sell rating in a report published on Wednesday morning.

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 equities research analysts have also issued reports on the company. Credit Suisse Group restated a neutral rating and issued a $19.00 price target on shares of Bitauto in a research report on Thursday, November 29th. ValuEngine upgraded Bitauto from a sell rating to a hold rating in a research report on Friday, December 28th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $25.20.

BITA stock opened at $19.08 on Wednesday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $1.36 billion, a PE ratio of -5.58 and a beta of 1.35. Bitauto has a 1 year low of $15.61 and a 1 year high of $32.20.

Bitauto (NYSE:BITA) last posted its quarterly earnings results on Wednesday, November 28th. The information services provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.53). The company had revenue of $396.70 million during the quarter, compared to analysts’ expectations of $388.27 million. Bitauto had a negative net margin of 8.89% and a negative return on equity of 4.56%. Bitauto’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. Equities research analysts predict that Bitauto will post 0.79 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Bitauto by 107.6% during the third quarter. JPMorgan Chase & Co. now owns 1,602,302 shares of the information services provider’s stock worth $36,853,000 after buying an additional 830,477 shares during the period. Vanguard Group Inc boosted its position in shares of Bitauto by 6.0% during the third quarter. Vanguard Group Inc now owns 867,482 shares of the information services provider’s stock worth $19,952,000 after buying an additional 48,810 shares during the period. Vanguard Group Inc. boosted its position in shares of Bitauto by 6.0% during the third quarter. Vanguard Group Inc. now owns 867,482 shares of the information services provider’s stock worth $19,952,000 after buying an additional 48,810 shares during the period. BlackRock Inc. boosted its position in shares of Bitauto by 10.9% during the fourth quarter. BlackRock Inc. now owns 528,093 shares of the information services provider’s stock worth $13,081,000 after buying an additional 51,721 shares during the period. Finally, Krane Funds Advisors LLC boosted its position in shares of Bitauto by 28.1% during the third quarter. Krane Funds Advisors LLC now owns 505,914 shares of the information services provider’s stock worth $11,636,000 after buying an additional 110,943 shares during the period. Institutional investors and hedge funds own 33.22% 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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