Bitauto Holdings Ltd. (BITA) Releases Earnings Results
Bitauto Holdings Ltd. (NYSE:BITA) released its quarterly earnings data on Wednesday. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.11. The company had revenue of $224.90 million for the quarter, compared to analysts’ expectations of $209.59 million. Bitauto Holdings had a negative net margin of 11.77% and a positive return on equity of 3.24%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.28 EPS.
Shares of Bitauto Holdings (NYSE:BITA) opened at 24.81 on Friday. The firm’s 50-day moving average price is $27.59 and its 200 day moving average price is $25.88. The stock’s market capitalization is $1.54 billion. Bitauto Holdings has a 1-year low of $16.09 and a 1-year high of $33.16.
Institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. bought a new position in Bitauto Holdings during the third quarter valued at about $988,000. Quadrature Capital Ltd acquired a new stake in shares of Bitauto Holdings during the third quarter valued at $731,000. Tower Research Capital LLC TRC increased its stake in shares of Bitauto Holdings by 140.6% in the third quarter. Tower Research Capital LLC TRC now owns 4,090 shares of the company’s stock valued at $119,000 after buying an additional 2,390 shares during the period. BlackRock Group LTD increased its stake in shares of Bitauto Holdings by 16.6% in the third quarter. BlackRock Group LTD now owns 39,976 shares of the company’s stock valued at $1,163,000 after buying an additional 5,692 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Bitauto Holdings by 2.4% in the third quarter. BlackRock Inc. now owns 7,896 shares of the company’s stock valued at $229,000 after buying an additional 182 shares during the period. Institutional investors own 20.55% of the company’s stock.
BITA has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Bitauto Holdings in a research note on Wednesday, August 31st. They issued an “overweight” rating and a $35.00 price target for the company. Zacks Investment Research upgraded Bitauto Holdings from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Thursday, September 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $30.71.
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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