58.com Inc. (WUBA) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of 58.com Inc. (NYSE:WUBA) from a buy rating to a hold rating in a research note released on Wednesday.

According to Zacks, “58.com Inc. operates online marketplace serving local merchants and consumers in China. It offers housing rental, recruitment, second-hand product, travel, catering, entertainment, and group-buying information. 58.com Inc. is based in Beijing, China. “

Several other equities analysts have also recently issued reports on the stock. BidaskClub cut shares of 58.com from a buy rating to a hold rating in a research note on Friday, June 16th. CLSA upgraded shares of 58.com from an underperform rating to an outperform rating and upped their target price for the company from $39.00 to $50.00 in a research note on Thursday, May 25th. TheStreet upgraded shares of 58.com from a d+ rating to a c rating in a research note on Thursday, May 11th. TH Capital began coverage on shares of 58.com in a research note on Wednesday, May 10th. They set a buy rating and a $48.00 target price on the stock. Finally, T.H. Capital began coverage on shares of 58.com in a research note on Wednesday, May 10th. They set a buy rating and a $48.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. 58.com presently has an average rating of Hold and a consensus target price of $44.30.

58.com (NYSE:WUBA) opened at 45.00 on Wednesday. The company’s 50 day moving average is $43.10 and its 200-day moving average is $36.34. 58.com has a 52-week low of $27.58 and a 52-week high of $55.28. The company’s market capitalization is $6.54 billion.

58.com (NYSE:WUBA) last announced its quarterly earnings data on Thursday, May 25th. The information services provider reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.27. 58.com had a negative net margin of 3.18% and a negative return on equity of 1.57%. The company had revenue of $288.19 million for the quarter. Equities analysts anticipate that 58.com will post $0.84 EPS for the current fiscal year.

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Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in 58.com by 23.1% in the first quarter. FMR LLC now owns 12,046,536 shares of the information services provider’s stock worth $426,327,000 after buying an additional 2,257,370 shares during the last quarter. General Atlantic LLC boosted its stake in 58.com by 86.9% in the first quarter. General Atlantic LLC now owns 5,840,000 shares of the information services provider’s stock worth $206,678,000 after buying an additional 2,715,000 shares during the last quarter. Platinum Investment Management Ltd. boosted its stake in 58.com by 13.6% in the first quarter. Platinum Investment Management Ltd. now owns 5,170,041 shares of the information services provider’s stock worth $182,967,000 after buying an additional 617,217 shares during the last quarter. FIL Ltd boosted its stake in 58.com by 38.1% in the first quarter. FIL Ltd now owns 5,157,531 shares of the information services provider’s stock worth $182,526,000 after buying an additional 1,422,313 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in 58.com by 5,138.7% in the first quarter. BlackRock Inc. now owns 4,007,567 shares of the information services provider’s stock worth $141,828,000 after buying an additional 3,931,068 shares during the last quarter. Institutional investors own 64.78% of the company’s stock.

About 58.com

58.com Inc is a holding company. The Company’s business consists of its online classifieds and listing platforms. Its online classifieds and listings platforms enable local merchants and consumers to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke.

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Analyst Recommendations for 58.com (NYSE:WUBA)

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