Guggenheim Capital LLC Grows Holdings in 58.com Inc (WUBA)
Guggenheim Capital LLC raised its position in 58.com Inc (NYSE:WUBA) by 15.0% in the 4th quarter, HoldingsChannel reports. The fund owned 233,729 shares of the information services provider’s stock after acquiring an additional 30,511 shares during the quarter. Guggenheim Capital LLC’s holdings in 58.com were worth $16,727,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Invictus RG purchased a new position in shares of 58.com in the 3rd quarter valued at about $167,000. AMP Capital Investors Ltd purchased a new position in shares of 58.com in the 3rd quarter valued at about $215,000. Virtu Financial LLC purchased a new position in shares of 58.com in the 4th quarter valued at about $255,000. Nomura Asset Management Co. Ltd. purchased a new position in shares of 58.com in the 3rd quarter valued at about $280,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of 58.com in the 3rd quarter valued at about $314,000. 56.63% of the stock is owned by institutional investors.
Several brokerages have recently issued reports on WUBA. Bank of America lifted their price objective on 58.com from $89.00 to $94.00 and gave the company a “neutral” rating in a research note on Monday, March 12th. Benchmark upgraded 58.com from a “hold” rating to a “buy” rating in a research note on Friday, March 9th. Credit Suisse Group lifted their price objective on 58.com to $90.00 and gave the company an “outperform” rating in a research note on Thursday, March 8th. Zacks Investment Research upgraded 58.com from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Wednesday, March 7th. Finally, TheStreet cut 58.com from a “b-” rating to a “c+” rating in a research note on Friday, December 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $66.20.
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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