Tower Research Capital LLC TRC lessened its position in Bitauto Hldg Ltd (NYSE:BITA) by 68.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,504 shares of the information services provider’s stock after selling 11,929 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Bitauto were worth $131,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of BITA. Platinum Investment Management Ltd. raised its holdings in shares of Bitauto by 63.1% in the 1st quarter. Platinum Investment Management Ltd. now owns 2,364,248 shares of the information services provider’s stock valued at $50,004,000 after buying an additional 914,860 shares during the period. Contrarius Investment Management Ltd purchased a new stake in shares of Bitauto in the 2nd quarter valued at $11,744,000. Millennium Management LLC raised its holdings in shares of Bitauto by 2,168.7% in the 1st quarter. Millennium Management LLC now owns 372,151 shares of the information services provider’s stock valued at $7,871,000 after buying an additional 355,747 shares during the period. Indus Capital Partners LLC raised its holdings in shares of Bitauto by 71.0% in the 1st quarter. Indus Capital Partners LLC now owns 625,603 shares of the information services provider’s stock valued at $13,232,000 after buying an additional 259,752 shares during the period. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of Bitauto by 13.3% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,002,062 shares of the information services provider’s stock valued at $23,829,000 after buying an additional 117,398 shares during the period. Hedge funds and other institutional investors own 34.97% of the company’s stock.
BITA has been the topic of several recent research reports. ValuEngine upgraded Bitauto from a “sell” rating to a “hold” rating in a report on Monday, July 2nd. MED initiated coverage on Bitauto in a report on Monday, October 1st. They set a “hold” rating on the stock. Citigroup downgraded Bitauto from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a report on Wednesday, August 15th. Zacks Investment Research downgraded Bitauto from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Finally, Macquarie cut their price target on Bitauto from $29.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, August 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $35.50.
Bitauto (NYSE:BITA) last issued its quarterly earnings results on Wednesday, August 22nd. The information services provider reported $0.01 earnings per share for the quarter. Bitauto had a negative return on equity of 8.60% and a negative net margin of 15.08%. The company had revenue of $402.35 million for the quarter, compared to the consensus estimate of $398.80 million. On average, research analysts expect that Bitauto Hldg Ltd will post -0.95 earnings per share for the current fiscal year.
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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