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

Bitauto Holdings Limited (NYSE:BITA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 several other research reports. BidaskClub upgraded Bitauto Holdings Limited from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. HSBC Holdings plc reiterated a “buy” rating and set a $33.00 target price (up previously from $27.00) on shares of Bitauto Holdings Limited in a research report on Wednesday, May 17th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $34.00.

Bitauto Holdings Limited (BITA) opened at 36.91 on Friday. The stock’s market cap is $2.84 billion. The stock has a 50 day moving average price of $31.04 and a 200 day moving average price of $26.64. Bitauto Holdings Limited has a 52-week low of $16.56 and a 52-week high of $38.57.

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A number of large investors have recently made changes to their positions in BITA. Wellington Management Group LLP boosted its stake 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. Bank of Montreal Can boosted its stake in shares of Bitauto Holdings Limited by 1,411.3% in the first quarter. Bank of Montreal Can now owns 106,004 shares of the information services provider’s stock worth $2,714,000 after buying an additional 98,990 shares during the period. UBS Group AG boosted its stake 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. Platinum Investment Management Ltd. bought a new stake in shares of Bitauto Holdings Limited during the first quarter worth approximately $14,677,000. Finally, Penserra Capital Management LLC boosted its stake in shares of Bitauto Holdings Limited by 19.4% in the first quarter. Penserra Capital Management LLC now owns 11,995 shares of the information services provider’s stock worth $307,000 after buying an additional 1,953 shares during the period. Hedge funds and other institutional investors own 18.87% 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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