Bitauto Holdings Ltd. (NYSE: BITA) Stock Coverage Initiated at JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. initiated coverage on Bitauto Holdings Ltd. (NYSE: BITA) stock, starting the company at Overweight and a price target of $35.00. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has earned a consensus one-year price target of $32.82, $26.45. Bitauto Holdings Ltd.stock has a 52-week high of $37.31.

U.S. stocks finished August with its second consecutive day of losses, albeit moderately. Volume for the day was less than stellar as traders readied themselves for a long holiday weekend.

The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,401.

The S&P 500 shed a little more than 5 points, or 0.24 percent, to close at 2,171.

The Nasdaq lost 10 points, or 0.19 percent, to finish at 5,213.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.

Shares of Bitauto Holdings Ltd. (NYSE: BITA) opened at $26.45 and traded in a range between, $24.66 and $26.48 yesterday, and last traded at $25.24, which represents a change of $ -0.64 over the previous closing price.

Bitauto Holdings Ltd. (NYSE: BITA) currently has a market cap of 1.57B

The stocks average daily volume is 579,091 shares out of a total float 28,682,000 of and some 608,879 shares traded hands yesterday, 22 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are considering.

By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.

With that in mind Bitauto Holdings Ltd. (NYSE: BITA) now has a 50-day MA is $27.00 and 200-day MA is $24.91, and it has traded in a 52-week range between $16.09 – 37.31 and today’s last price is -32.35 percent off the 52 week high.

Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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