58.com Inc (NYSE:WUBA)’s stock price shot up 5.1% on Wednesday . The stock traded as high as $58.08 and last traded at $57.97, 1,270,431 shares were traded during mid-day trading. An increase of 47% from the average session volume of 864,132 shares. The stock had previously closed at $55.17.

A number of research analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of 58.com in a research note on Monday, August 5th. They set a “buy” rating and a $66.40 target price for the company. Credit Suisse Group lowered shares of 58.com from an “outperform” rating to a “neutral” rating and set a $57.23 price target on the stock. in a research note on Tuesday, July 16th. ValuEngine lowered shares of 58.com from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 4th. BOCOM International cut 58.com from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. Finally, Zacks Investment Research downgraded 58.com from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $62.93.

The company has a market cap of $8.06 billion, a P/E ratio of 29.88, a PEG ratio of 0.45 and a beta of 1.72. The company has a 50 day moving average price of $54.19 and a 200-day moving average price of $61.16. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.01.

Several hedge funds and other institutional investors have recently modified their holdings of WUBA. Hillhouse Capital Advisors LTD. acquired a new stake in 58.com in the second quarter worth about $146,767,000. Price T Rowe Associates Inc. MD increased its stake in 58.com by 40.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,487,953 shares of the information services provider’s stock valued at $465,526,000 after buying an additional 2,173,736 shares during the period. Marshall Wace LLP raised its position in shares of 58.com by 407.1% during the 1st quarter. Marshall Wace LLP now owns 870,838 shares of the information services provider’s stock worth $57,197,000 after buying an additional 699,099 shares in the last quarter. Man Group plc raised its position in shares of 58.com by 388.2% during the 2nd quarter. Man Group plc now owns 758,404 shares of the information services provider’s stock worth $47,150,000 after buying an additional 603,045 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of 58.com by 735.6% in the 1st quarter. FMR LLC now owns 533,106 shares of the information services provider’s stock worth $35,014,000 after acquiring an additional 469,306 shares during the period. Institutional investors and hedge funds own 58.75% of the company’s stock.

About 58.com (NYSE:WUBA)

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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