Credit Suisse AG reduced its stake in Bitauto Hldg Ltd (NYSE:BITA) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,117,038 shares of the information services provider’s stock after selling 26,906 shares during the period. Credit Suisse AG owned 4.35% of Bitauto worth $71,692,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. boosted its position in shares of Bitauto by 10.9% during the 1st quarter. BlackRock Inc. now owns 398,236 shares of the information services provider’s stock valued at $8,422,000 after acquiring an additional 39,231 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Bitauto during the 2nd quarter valued at approximately $1,431,000. First Trust Advisors LP boosted its position in shares of Bitauto by 19.3% during the 2nd quarter. First Trust Advisors LP now owns 111,433 shares of the information services provider’s stock valued at $2,650,000 after acquiring an additional 18,024 shares during the last quarter. River & Mercantile Asset Management LLP boosted its position in shares of Bitauto by 41.3% during the 2nd quarter. River & Mercantile Asset Management LLP now owns 255,702 shares of the information services provider’s stock valued at $6,082,000 after acquiring an additional 74,702 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Bitauto during the 2nd quarter valued at approximately $428,000. Institutional investors own 36.96% of the company’s stock.
BITA has been the subject of a number of research reports. Zacks Investment Research upgraded Bitauto from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Monday, October 29th. MED initiated coverage on Bitauto in a research report on Monday, October 1st. They set a “hold” rating for the company. Macquarie lowered their target price on Bitauto from $29.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, August 23rd. Citigroup downgraded Bitauto from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research report on Wednesday, August 15th. Finally, JPMorgan Chase & Co. initiated coverage on Bitauto in a research report on Wednesday, August 29th. They set an “overweight” rating and a $38.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.00.
Bitauto (NYSE:BITA) last released 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 analyst estimates of $398.80 million. On average, research analysts expect that Bitauto Hldg Ltd will post 0.83 earnings per share for the current year.
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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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