Bitauto (BITA) Earns Buy Rating from Analysts at Citigroup

Citigroup initiated coverage on shares of Bitauto (NYSE:BITA) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $40.00 target price on the information services provider’s stock.

Several other equities research analysts also recently commented on the stock. Morgan Stanley started coverage on shares of Bitauto in a research note on Wednesday, December 13th. They issued an overweight rating on the stock. BidaskClub downgraded shares of Bitauto from a strong-buy rating to a buy rating in a research note on Saturday, October 28th. Zacks Investment Research downgraded shares of Bitauto from a buy rating to a hold rating in a research note on Tuesday, November 28th. Finally, ValuEngine downgraded shares of Bitauto from a hold rating to a sell rating in a research note on Friday, December 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Bitauto has an average rating of Buy and an average target price of $43.00.

Bitauto (BITA) traded up $1.08 on Tuesday, reaching $35.43. 1,758,100 shares of the company’s stock were exchanged, compared to its average volume of 3,103,567. Bitauto has a 1 year low of $18.04 and a 1 year high of $54.42. The firm has a market capitalization of $2,540.00, a P/E ratio of -12.79 and a beta of 3.04.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC lifted its position in Bitauto by 9.6% during the 2nd quarter. SG Americas Securities LLC now owns 11,409 shares of the information services provider’s stock worth $328,000 after buying an additional 999 shares in the last quarter. California Public Employees Retirement System lifted its position in Bitauto by 2.3% during the 2nd quarter. California Public Employees Retirement System now owns 58,300 shares of the information services provider’s stock worth $1,676,000 after buying an additional 1,300 shares in the last quarter. State Street Corp lifted its position in Bitauto by 1.8% during the 2nd quarter. State Street Corp now owns 117,280 shares of the information services provider’s stock worth $3,372,000 after buying an additional 2,080 shares in the last quarter. Advisors Preferred LLC acquired a new position in Bitauto during the 3rd quarter worth about $105,000. Finally, First Trust Advisors LP lifted its position in Bitauto by 3.6% during the 2nd quarter. First Trust Advisors LP now owns 68,169 shares of the information services provider’s stock worth $1,960,000 after buying an additional 2,396 shares in the last quarter. Institutional investors and hedge funds own 27.82% of the company’s stock.

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About Bitauto

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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