58.com Inc. (WUBA) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of 58.com Inc. (NYSE:WUBA) from a hold rating to a strong-buy rating in a report published on Thursday. They currently have $72.00 price target on the information services provider’s stock.
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. “
Other analysts have also recently issued reports about the company. Citigroup Inc. raised 58.com from a neutral rating to a buy rating and raised their target price for the stock from $62.00 to $68.00 in a research note on Wednesday, August 23rd. Deutsche Bank AG raised 58.com from a hold rating to a buy rating and lifted their price objective for the company from $41.00 to $70.00 in a research report on Tuesday, August 22nd. HSBC Holdings plc raised 58.com from a hold rating to a buy rating and lifted their price objective for the company from $45.00 to $69.00 in a research report on Tuesday, August 22nd. BidaskClub upgraded shares of 58.com from a buy rating to a strong-buy rating in a report on Wednesday, July 19th. Finally, ValuEngine upgraded shares of 58.com from a sell rating to a hold rating in a report on Thursday, July 13th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $54.82.
58.com (NYSE WUBA) traded up 0.37% during trading on Thursday, hitting $62.86. The stock had a trading volume of 376,782 shares. The stock has a market capitalization of $9.15 billion, a P/E ratio of 337.96 and a beta of 2.21. 58.com has a 52 week low of $27.58 and a 52 week high of $68.00. The company has a 50-day moving average of $54.61 and a 200-day moving average of $43.57.
58.com (NYSE:WUBA) last issued its quarterly earnings data on Monday, August 21st. The information services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.42. 58.com had a return on equity of 1.04% and a net margin of 2.14%. The company had revenue of $382.81 million for the quarter. On average, equities analysts expect that 58.com will post $1.16 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of 58.com during the first quarter valued at $573,000. Quantbot Technologies LP purchased a new position in shares of 58.com during the first quarter valued at $155,000. AJO LP purchased a new position in shares of 58.com during the second quarter valued at $201,000. Wetherby Asset Management Inc. purchased a new position in shares of 58.com during the second quarter valued at $261,000. Finally, Trexquant Investment LP purchased a new position in shares of 58.com during the second quarter valued at $265,000. 60.15% of the stock is owned by institutional investors.
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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