Bitauto (NYSE:BITA) released its earnings results on Wednesday. The information services provider reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.18), Morningstar.com reports. The company had revenue of $346.10 million during the quarter, compared to analysts’ expectations of $309.85 million. Bitauto had a negative net margin of 17.41% and a negative return on equity of 7.37%. The firm’s revenue was up 54.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 earnings per share.
Shares of Bitauto traded down $3.18, hitting $24.10, during midday trading on Thursday, according to MarketBeat Ratings. The company’s stock had a trading volume of 98,284 shares, compared to its average volume of 1,308,040. Bitauto has a one year low of $18.47 and a one year high of $54.42. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.87 billion, a P/E ratio of -7.08 and a beta of 3.05.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. increased its holdings in Bitauto by 332.1% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,367 shares of the information services provider’s stock worth $113,000 after acquiring an additional 4,125 shares during the period. Castleark Management LLC bought a new stake in Bitauto during the 4th quarter worth approximately $153,000. Mackay Shields LLC bought a new stake in Bitauto during the 1st quarter worth approximately $260,000. Bank of New York Mellon Corp bought a new stake in Bitauto during the 4th quarter worth approximately $261,000. Finally, Dupont Capital Management Corp bought a new stake in Bitauto during the 1st quarter worth approximately $264,000. 33.95% of the stock is currently owned by institutional investors.
Bitauto announced that its board has initiated a stock repurchase plan on Monday, March 19th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have weighed in on BITA shares. Zacks Investment Research cut shares of Bitauto from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 28th. JPMorgan Chase & Co. dropped 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. TheStreet cut shares of Bitauto from a “c-” rating to a “d” rating in a research note on Wednesday, May 16th. Macquarie cut shares of Bitauto from an “outperform” rating to a “neutral” rating in a research note on Thursday. Finally, ValuEngine upgraded shares of Bitauto from a “strong sell” rating to a “sell” rating in a research note on Friday, June 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Bitauto has a consensus rating of “Hold” and an average target price of $47.33.
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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