58.com (WUBA) Shares Down 6%
Shares of 58.com Inc (NYSE:WUBA) traded down 6% during mid-day trading on Monday . The company traded as low as $56.76 and last traded at $57.69. 1,733,074 shares traded hands during trading, an increase of 98% from the average session volume of 874,753 shares. The stock had previously closed at $61.37.
A number of analysts have recently issued reports on the company. Zacks Investment Research raised 58.com from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 4th. Benchmark reissued a “buy” rating and issued a $83.00 price objective (down from $85.00) on shares of 58.com in a report on Monday, March 4th. Macquarie lowered 58.com from an “outperform” rating to a “neutral” rating in a report on Friday, March 1st. Credit Suisse Group set a $84.00 price objective on 58.com and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Deutsche Bank initiated coverage on 58.com in a report on Wednesday, March 27th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $69.00.
The firm has a market cap of $8.99 billion, a price-to-earnings ratio of 29.36, a PEG ratio of 0.90 and a beta of 1.60.
Several large investors have recently bought and sold shares of the company. Genesis Asset Managers LLP grew its holdings in shares of 58.com by 3.6% during the first quarter. Genesis Asset Managers LLP now owns 7,848,843 shares of the information services provider’s stock valued at $515,512,000 after purchasing an additional 272,316 shares during the last quarter. BlackRock Inc. boosted its position in shares of 58.com by 3.6% during the first quarter. BlackRock Inc. now owns 5,318,178 shares of the information services provider’s stock worth $349,299,000 after buying an additional 184,374 shares during the period. Baillie Gifford & Co. boosted its position in shares of 58.com by 0.7% during the fourth quarter. Baillie Gifford & Co. now owns 4,802,970 shares of the information services provider’s stock worth $260,369,000 after buying an additional 34,034 shares during the period. Standard Life Aberdeen plc boosted its position in shares of 58.com by 5.1% during the fourth quarter. Standard Life Aberdeen plc now owns 4,424,275 shares of the information services provider’s stock worth $238,933,000 after buying an additional 213,092 shares during the period. Finally, Coronation Fund Managers Ltd. boosted its position in shares of 58.com by 3.2% during the first quarter. Coronation Fund Managers Ltd. now owns 4,321,958 shares of the information services provider’s stock worth $283,866,000 after buying an additional 133,319 shares during the period. 60.44% of the stock is owned by institutional investors.
58.com Company Profile (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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