58.com Inc. (WUBA) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of 58.com Inc. (NYSE:WUBA) from a strong-buy rating to a hold rating in a report released on Saturday.
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. “
WUBA has been the topic of several other research reports. BidaskClub downgraded 58.com from a buy rating to a hold rating in a research report on Thursday, July 6th. Morgan Stanley reissued an equal weight rating and set a $42.00 target price on shares of 58.com in a research report on Sunday, May 28th. CLSA raised 58.com from an underperform rating to an outperform rating and boosted their target price for the company from $39.00 to $50.00 in a research report on Thursday, May 25th. Bank of America Corporation boosted their target price on 58.com from $46.00 to $51.00 and gave the company a neutral rating in a research report on Tuesday, May 30th. Finally, Citigroup Inc. raised 58.com from a neutral rating to a buy rating and boosted their target price for the company from $62.00 to $68.00 in a research report on Wednesday, August 23rd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $54.82.
Shares of 58.com (NYSE:WUBA) traded down 1.25% during mid-day trading on Friday, reaching $67.15. The company’s stock had a trading volume of 1,419,891 shares. The stock has a market capitalization of $9.78 billion, a P/E ratio of 359.09 and a beta of 2.17. 58.com has a 12-month low of $27.58 and a 12-month high of $68.85. The company’s 50-day moving average price is $59.08 and its 200-day moving average price is $45.88.
58.com (NYSE:WUBA) last released its earnings results on Monday, August 21st. The information services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.42. The firm had revenue of $382.81 million for the quarter. 58.com had a return on equity of 1.04% and a net margin of 2.14%. On average, equities research analysts forecast that 58.com will post $1.20 earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new stake in shares of 58.com in the 1st quarter worth $573,000. Quantbot Technologies LP purchased a new stake in shares of 58.com during the 1st quarter worth $155,000. AJO LP purchased a new stake in shares of 58.com during the 2nd quarter worth $201,000. Wetherby Asset Management Inc. purchased a new stake in shares of 58.com during the 2nd quarter worth $261,000. Finally, Trexquant Investment LP purchased a new stake in shares of 58.com during the 2nd quarter worth $265,000. Institutional investors and hedge funds own 60.03% 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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