More than 3.6 million shares of the Chinese online car marketplace were traded by market close, well above the average trading volume of about 1 million shares a day.
Bitauto recently announced plans to form a joint venture with Chinese auto dealer Lentuo (LAS) aimed at the high-end used car market.
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TheStreet Ratings team rates BITAUTO HOLDINGS LTD -ADR as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BITAUTO HOLDINGS LTD -ADR (BITA) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."