58.com (NYSE:WUBA) Downgraded to “Strong Sell” at ValuEngine
Several other brokerages also recently weighed in on WUBA. China International Capital downgraded 58.com to a hold rating and set a $53.00 price target on the stock. in a report on Friday, March 13th. Credit Suisse Group upgraded 58.com from a neutral rating to an outperform rating and set a $59.00 price target on the stock in a report on Wednesday, March 18th. Bank of America reduced their price target on 58.com from $62.00 to $59.00 and set a neutral rating on the stock in a report on Thursday, March 12th. Zacks Investment Research downgraded 58.com from a hold rating to a strong sell rating in a report on Wednesday, March 18th. Finally, CICC Research downgraded 58.com from an outperform rating to a neutral rating in a report on Friday, March 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. 58.com has a consensus rating of Hold and a consensus target price of $61.20.
NYSE:WUBA opened at $54.81 on Friday. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 1.00 and a beta of 1.27. 58.com has a 1 year low of $37.92 and a 1 year high of $69.89. The business has a 50 day simple moving average of $52.22 and a 200-day simple moving average of $55.10.
A number of hedge funds and other institutional investors have recently made changes to their positions in WUBA. State Street Corp boosted its position in shares of 58.com by 3.8% in the 1st quarter. State Street Corp now owns 1,983,954 shares of the information services provider’s stock worth $96,658,000 after purchasing an additional 71,880 shares in the last quarter. Royal Bank of Canada raised its stake in shares of 58.com by 81.2% during the 1st quarter. Royal Bank of Canada now owns 11,789 shares of the information services provider’s stock valued at $573,000 after buying an additional 5,284 shares during the last quarter. APG Asset Management N.V. raised its stake in shares of 58.com by 15.2% during the 1st quarter. APG Asset Management N.V. now owns 560,782 shares of the information services provider’s stock valued at $27,321,000 after buying an additional 73,900 shares during the last quarter. Grandeur Peak Global Advisors LLC raised its stake in shares of 58.com by 2.5% during the 1st quarter. Grandeur Peak Global Advisors LLC now owns 170,742 shares of the information services provider’s stock valued at $8,319,000 after buying an additional 4,225 shares during the last quarter. Finally, Advisor Group Holdings Inc. purchased a new position in shares of 58.com during the 1st quarter valued at about $29,000. 62.79% of the stock is currently owned by institutional investors and hedge funds.
58.com Inc operates various multi-category online classifieds platforms and vertical listing platforms that enable local businesses and consumers to connect, share information, and conduct business in the People's Republic of China. It operates multi-content category online classified platforms primarily under the 58 and Ganji names; Anjuke, an online real estate listing platform; ChinaHR, an online recruitment platform that focuses on white collar jobs; and Jia Xiao Yi Dian Tong, an online platform for driver's license examination preparation and other related services.
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