Bitauto (NYSE:BITA) Shares Down 6.4%

Shares of Bitauto Hldg Ltd (NYSE:BITA) dropped 6.4% during mid-day trading on Thursday . The company traded as low as $10.55 and last traded at $10.67, approximately 947,211 shares traded hands during mid-day trading. An increase of 28% from the average daily volume of 741,401 shares. The stock had previously closed at $11.40.

BITA has been the topic of a number of recent research reports. Bank of America reduced their price objective on shares of Bitauto from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. ValuEngine cut shares of Bitauto from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bitauto from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Bitauto has a consensus rating of “Hold” and a consensus price target of $19.75.

The company’s fifty day simple moving average is $11.28 and its two-hundred day simple moving average is $13.43. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $829.22 million, a price-to-earnings ratio of 7.97 and a beta of 1.06.



Bitauto (NYSE:BITA) last posted its earnings results on Thursday, May 30th. The information services provider reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.10. The company had revenue of $407.50 million for the quarter, compared to analyst estimates of $368.34 million. Bitauto had a negative net margin of 3.57% and a positive return on equity of 1.93%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share. Equities research analysts expect that Bitauto Hldg Ltd will post 1.4 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of BITA. Norges Bank acquired a new stake in shares of Bitauto during the fourth quarter worth $9,222,000. Wedbush Securities Inc. raised its holdings in shares of Bitauto by 24.8% during the first quarter. Wedbush Securities Inc. now owns 15,100 shares of the information services provider’s stock worth $240,000 after acquiring an additional 3,000 shares during the period. Krane Funds Advisors LLC raised its holdings in shares of Bitauto by 32.7% during the first quarter. Krane Funds Advisors LLC now owns 435,517 shares of the information services provider’s stock worth $6,933,000 after acquiring an additional 107,326 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Bitauto during the first quarter worth $90,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Bitauto during the first quarter worth $128,000. Institutional investors own 27.30% of the company’s stock.

About Bitauto (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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