Krane Funds Advisors LLC cut its holdings in shares of Bitauto Hldg Ltd (NYSE:BITA) by 35.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 394,971 shares of the information services provider’s stock after selling 215,609 shares during the period. Bitauto accounts for approximately 0.8% of Krane Funds Advisors LLC’s portfolio, making the stock its 21st biggest holding. Krane Funds Advisors LLC’s holdings in Bitauto were worth $9,392,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of BITA. TIAA CREF Investment Management LLC boosted its position in shares of Bitauto by 19.7% during the fourth quarter. TIAA CREF Investment Management LLC now owns 15,800 shares of the information services provider’s stock worth $502,000 after buying an additional 2,600 shares during the period. Dupont Capital Management Corp acquired a new stake in Bitauto in the first quarter worth approximately $264,000. SG Americas Securities LLC lifted its position in Bitauto by 772.9% in the first quarter. SG Americas Securities LLC now owns 132,783 shares of the information services provider’s stock worth $2,808,000 after purchasing an additional 117,571 shares during the period. Mackay Shields LLC acquired a new stake in Bitauto in the first quarter worth approximately $260,000. Finally, Penserra Capital Management LLC lifted its position in Bitauto by 27.0% in the first quarter. Penserra Capital Management LLC now owns 101,968 shares of the information services provider’s stock worth $2,156,000 after purchasing an additional 21,672 shares during the period. Institutional investors and hedge funds own 34.97% of the company’s stock.
Shares of NYSE:BITA opened at $21.39 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.16 and a current ratio of 1.16. Bitauto Hldg Ltd has a 12-month low of $18.47 and a 12-month high of $54.42. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -6.25 and a beta of 3.28.
Bitauto (NYSE:BITA) last announced its earnings results on Wednesday, August 22nd. The information services provider reported $0.01 earnings per share (EPS) for the quarter. Bitauto had a negative net margin of 15.08% and a negative return on equity of 8.60%. The company had revenue of $402.35 million for the quarter, compared to the consensus estimate of $398.80 million. sell-side analysts forecast that Bitauto Hldg Ltd will post -0.95 earnings per share for the current fiscal year.
BITA has been the subject of a number of recent research reports. TheStreet downgraded Bitauto from a “c-” rating to a “d” rating in a research report on Wednesday, May 16th. Zacks Investment Research upgraded Bitauto from a “sell” rating to a “hold” rating in a research report on Thursday, August 30th. Macquarie cut their price objective 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 price objective for the company. in a research report on Wednesday, August 15th. Finally, ValuEngine upgraded Bitauto from a “sell” rating to a “hold” rating in a research report on Tuesday, July 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.50.
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.
Read More: Diversification in Your Portfolio
Want to see what other hedge funds are holding BITA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bitauto Hldg Ltd (NYSE:BITA).
Receive News & Ratings for Bitauto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bitauto and related companies with MarketBeat.com's FREE daily email newsletter.