58.com Inc. (NYSE:WUBA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, July 5th.

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. “

A number of other brokerages have also recently commented on WUBA. Bank of America Corporation upped their target price on shares of 58.com from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, May 30th. Morgan Stanley reiterated an “equal weight” rating and set a $42.00 price target on shares of 58.com in a research note on Sunday, May 28th. CLSA upgraded shares of 58.com from an “underperform” rating to an “outperform” rating and boosted their price target for the stock from $39.00 to $50.00 in a research note on Thursday, May 25th. BidaskClub upgraded shares of 58.com from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Finally, 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 price target on the stock. Five analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. 58.com currently has a consensus rating of “Hold” and an average price target of $44.30.

Shares of 58.com (WUBA) traded up 0.80% during midday trading on Wednesday, reaching $50.65. The company’s stock had a trading volume of 511,269 shares. The company has a 50 day moving average of $46.40 and a 200-day moving average of $39.43. The stock’s market capitalization is $7.36 billion. 58.com has a 52 week low of $27.58 and a 52 week high of $55.28.

58.com (NYSE:WUBA) last announced its earnings results on Thursday, May 25th. The information services provider reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $288.19 million during the quarter. Equities research analysts predict that 58.com will post $0.85 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of WUBA. Teacher Retirement System of Texas raised its position in shares of 58.com by 6.7% in the second quarter. Teacher Retirement System of Texas now owns 7,225 shares of the information services provider’s stock valued at $319,000 after buying an additional 453 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of 58.com by 6.5% in the first quarter. Wells Fargo & Company MN now owns 14,781 shares of the information services provider’s stock valued at $523,000 after buying an additional 900 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of 58.com by 15.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,050 shares of the information services provider’s stock valued at $355,000 after buying an additional 1,100 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of 58.com during the first quarter valued at $573,000. Finally, Korea Investment CORP raised its position in shares of 58.com by 3.6% in the first quarter. Korea Investment CORP now owns 56,900 shares of the information services provider’s stock valued at $2,014,000 after buying an additional 2,000 shares during the last quarter. Institutional investors own 65.47% of the company’s stock.

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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Analyst Recommendations for 58.com (NYSE:WUBA)

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