58.com Inc. (WUBA) Issues Quarterly Earnings Results
58.com Inc. (NYSE:WUBA) announced its quarterly earnings results on Thursday. The company reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by $0.10. The firm had revenue of $306.50 million for the quarter, compared to analysts’ expectations of $308.29 million. 58.com had a negative net margin of 9.27% and a negative return on equity of 5.02%. The company’s quarterly revenue was up 44.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.50) EPS.
58.com (NYSE:WUBA) opened at 32.50 on Monday. 58.com has a 52 week low of $31.74 and a 52 week high of $70.27. The company has a 50 day moving average of $44.55 and a 200 day moving average of $48.06. The company’s market capitalization is $4.69 billion.
Large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of 58.com by 42.2% in the second quarter. FMR LLC now owns 10,524,363 shares of the company’s stock valued at $482,964,000 after buying an additional 3,125,385 shares in the last quarter. BlackRock Group LTD boosted its position in 58.com by 51.2% in the second quarter. BlackRock Group LTD now owns 1,689,628 shares of the company’s stock worth $77,536,000 after buying an additional 572,347 shares during the period. Credit Suisse AG boosted its position in 58.com by 110.7% in the second quarter. Credit Suisse AG now owns 1,042,659 shares of the company’s stock worth $47,848,000 after buying an additional 547,826 shares during the period. FIL Ltd boosted its position in 58.com by 79.2% in the second quarter. FIL Ltd now owns 1,044,309 shares of the company’s stock worth $47,923,000 after buying an additional 461,576 shares during the period. Finally, State Street Corp boosted its position in 58.com by 78.4% in the second quarter. State Street Corp now owns 1,035,189 shares of the company’s stock worth $47,507,000 after buying an additional 454,943 shares during the period. Institutional investors own 47.18% of the company’s stock.
Several brokerages have weighed in on WUBA. Brean Capital cut shares of 58.com from a “buy” rating to a “hold” rating and set a $57.00 price target for the company. in a research report on Friday. Credit Agricole SA cut shares of 58.com from an “outperform” rating to an “underperform” rating in a research report on Friday. Credit Suisse Group AG cut shares of 58.com from an “outperform” rating to a “neutral” rating in a research report on Friday. Zacks Investment Research raised shares of 58.com from a “sell” rating to a “hold” rating in a research report on Saturday, September 3rd. Finally, Deutsche Bank AG assumed coverage on shares of 58.com in a research report on Wednesday, October 5th. They issued a “buy” rating and a $65.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $63.67.
58.com Company Profile
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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