Bitauto (NYSE:BITA) Releases Earnings Results, Misses Estimates By $1.62 EPS

Bitauto (NYSE:BITA) released its earnings results on Thursday, March 15th. The information services provider reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($1.62), Morningstar.com reports. Bitauto had a negative return on equity of 7.37% and a negative net margin of 17.41%. The firm had revenue of $413.50 million for the quarter, compared to the consensus estimate of $378.73 million. During the same quarter in the previous year, the business posted $0.03 EPS. Bitauto’s revenue was up 64.2% on a year-over-year basis.

Bitauto stock opened at $20.34 on Friday. The company has a market cap of $1,537.09, a PE ratio of -5.95 and a beta of 2.99. Bitauto has a 1 year low of $19.42 and a 1 year high of $54.42.

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A number of research firms have commented on BITA. JPMorgan Chase decreased their target price on shares of Bitauto from $49.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, March 19th. Zacks Investment Research cut shares of Bitauto from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 28th. ValuEngine cut shares of Bitauto from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Citigroup assumed coverage on shares of Bitauto in a research report on Tuesday, January 2nd. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Morgan Stanley assumed coverage on shares of Bitauto in a research report on Wednesday, December 13th. They set an “overweight” rating on the stock. Two research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. Bitauto has a consensus rating of “Hold” and an average target price of $43.75.

Several institutional investors have recently added to or reduced their stakes in BITA. Carmignac Gestion raised its position in shares of Bitauto by 763.0% during the third 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 last quarter. Bamco Inc. NY raised its position in shares of Bitauto by 22.6% during the fourth quarter. Bamco Inc. NY now owns 1,831,604 shares of the information services provider’s stock valued at $58,245,000 after buying an additional 337,524 shares during the last quarter. Discovery Capital Management LLC CT grew its holdings in shares of Bitauto by 79.0% in the fourth quarter. Discovery Capital Management LLC CT now owns 743,493 shares of the information services provider’s stock valued at $23,643,000 after purchasing an additional 328,132 shares in the last quarter. Tiger Pacific Capital LP grew its holdings in shares of Bitauto by 189.5% in the fourth quarter. Tiger Pacific Capital LP now owns 358,180 shares of the information services provider’s stock valued at $11,390,000 after purchasing an additional 234,444 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Bitauto in the fourth quarter valued at $7,211,000. Hedge funds and other institutional investors own 27.24% of the company’s stock.

Bitauto announced that its board has initiated a stock repurchase plan on Monday, March 19th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the information services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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Bitauto Company Profile

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.

Earnings History for Bitauto (NYSE:BITA)

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