Bitauto Hldg Ltd (ADR) (NYSE:BITA), a leading provider of internet content and marketing services for China’s fast-growing automotive industry, announced the appointment of Mr. Joseph Luppino as a director to its board of directors (“the board”), effective May 4, 2016. Mr. Joseph Luppino is currently senior vice president and chief operating officer of Cox Automotive International, overseeing day-to-day operations in markets outside of Canada and North America. In addition, Mr. Luppino is responsible for managing and developing existing and potential new strategic partnerships in emerging markets including Brazil, India and China. Cox Automotive, the parent company of Cox Automotive International, is also the parent company of AutoTrader Group (ATG Group), which is a major shareholder ofBitauto. Prior to Mr. Luppino’s current role, he was responsible for Cox Automotive’s global corporate development, legal, real estate and construction functions, compliance and employment practices, government affairs as well as Go Auto and Go Financial partnership relationships. Mr. Luppino’s previous positions include senior vice president and chief financial officer for Manheim, vice president and chief information officer of Manheim, vice president and chief operating officer of Manheim Interactive, and executive director of marketing operations for Cox Enterprises. Mr. Luppino holds a bachelor of science degree in accounting from St. Peter’s College.
In addition, the Company also announced that Mr. Dallas Clement resigned as director of the Company, effective May 4, 2016, as he takes on a new role as chief financial officer of Cox Enterprises, the parent company of Cox Automotive.
William Bin Li, chairman and chief executive officer of Bitauto, commented, “We are pleased to welcome Mr. Joseph Luppino as our director. Mr. Luppino brings extensive experience in the automobile industry and we look forward to working with him. We would also like to express our sincere gratitude to Mr. Dallas Clement for his significant and invaluable contributions over the past three years as our director.” (Original Source)
Shares of Bitauto closed yesterday at $24.50, down $0.25 or -1.01%. BITA has a 1-year high of $67.73 and a 1-year low of $16.09. The stock’s 50-day moving average is $26.06 and its 200-day moving average is $25.32.
On the ratings front, Bitauto has been the subject of a number of recent research reports. In a report issued on March 9, CLSA analyst Nathan Snyder upgraded BITA to Buy, with a price target of $30, which implies an upside of 22.4% from current levels. Separately, on March 7, Brean Murray Carret’s Anne Shih reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nathan Snyder and Anne Shih have a total average return of -5.4% and 12.8% respectively. Snyder has a success rate of 33.3% and is ranked #2737 out of 3838 analysts, while Shih has a success rate of 60.6% and is ranked #493.