Handelsbanken Fonder AB lessened its stake in shares of Bitauto Hldg Ltd (NYSE:BITA) by 50.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 13,000 shares of the information services provider’s stock after selling 13,000 shares during the period. Handelsbanken Fonder AB’s holdings in Bitauto were worth $413,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in BITA. Carmignac Gestion raised its holdings in Bitauto by 763.0% during the 3rd quarter. Carmignac Gestion now owns 2,154,660 shares of the information services provider’s stock valued at $96,270,000 after buying an additional 1,904,987 shares during the period. Bamco Inc. NY grew its position in Bitauto by 22.6% in the 4th quarter. Bamco Inc. NY now owns 1,831,604 shares of the information services provider’s stock valued at $58,245,000 after acquiring an additional 337,524 shares during the last quarter. Discovery Capital Management LLC CT grew its position in Bitauto by 79.0% in the 4th quarter. Discovery Capital Management LLC CT now owns 743,493 shares of the information services provider’s stock valued at $23,643,000 after acquiring an additional 328,132 shares during the last quarter. Tiger Pacific Capital LP grew its position in Bitauto by 189.5% in the 4th quarter. Tiger Pacific Capital LP now owns 358,180 shares of the information services provider’s stock valued at $11,390,000 after acquiring an additional 234,444 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Bitauto in the 4th quarter valued at $7,211,000. Institutional investors own 27.24% of the company’s stock.
Bitauto stock opened at $22.14 on Friday. Bitauto Hldg Ltd has a 12-month low of $21.95 and a 12-month high of $54.42.
Bitauto declared that its board has initiated a share repurchase program on Monday, March 19th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the information services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
Several brokerages have commented on BITA. Zacks Investment Research downgraded Bitauto from a “buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Citigroup began coverage on Bitauto in a research report on Tuesday, January 2nd. They issued a “buy” rating and a $40.00 price objective on the stock. ValuEngine downgraded Bitauto from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. JPMorgan Chase & Co. cut their price objective on Bitauto from $49.00 to $46.00 and set an “overweight” rating on the stock in a research report on Monday, March 19th. Finally, Morgan Stanley began coverage on Bitauto in a research report on Wednesday, December 13th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $43.75.
Bitauto Holdings Limited provides Internet content and marketing, and transaction services for the automotive industry in the People's Republic of China. The company operates in three segments: Advertising and Subscription Business, Transaction Services Business, and Digital Marketing Solutions Business.
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