Bitauto Holdings Limited (BITA) Rating Increased to Hold at Zacks Investment Research

Bitauto Holdings Limited (NYSE:BITA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, July 14th.

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. “

BITA has been the topic of a number of other research reports. HSBC Holdings plc restated a “buy” rating and issued a $33.00 price objective (up previously from $27.00) on shares of Bitauto Holdings Limited in a report on Wednesday, May 17th. BidaskClub upgraded shares of Bitauto Holdings Limited from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Bitauto Holdings Limited presently has a consensus rating of “Buy” and an average price target of $34.00.

Bitauto Holdings Limited (NYSE BITA) opened at 32.23 on Friday. The company’s market cap is $2.48 billion. Bitauto Holdings Limited has a 12 month low of $16.56 and a 12 month high of $34.18. The company has a 50-day moving average of $29.41 and a 200 day moving average of $25.94.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Pictet Asset Management Ltd. bought a new position in shares of Bitauto Holdings Limited during the first quarter worth $24,184,000. Platinum Investment Management Ltd. bought a new position in shares of Bitauto Holdings Limited during the first quarter worth $14,677,000. UBS Group AG increased its position in shares of Bitauto Holdings Limited by 6,428.0% in the first quarter. UBS Group AG now owns 410,347 shares of the information services provider’s stock worth $10,509,000 after buying an additional 404,061 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Bitauto Holdings Limited by 265.8% in the first quarter. Dimensional Fund Advisors LP now owns 457,279 shares of the information services provider’s stock worth $11,706,000 after buying an additional 332,279 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Bitauto Holdings Limited by 1,647.1% in the first quarter. Wellington Management Group LLP now owns 278,605 shares of the information services provider’s stock worth $7,135,000 after buying an additional 262,658 shares during the period. Institutional investors own 19.40% of the company’s stock.

About Bitauto Holdings Limited

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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