58.com Inc. (NYSE:WUBA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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 research analysts have also issued research reports about the company. BidaskClub lowered 58.com from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. CLSA upgraded 58.com from an “underperform” rating to an “outperform” rating and lifted their price target for the stock from $39.00 to $50.00 in a research report on Thursday, May 25th. TheStreet upgraded 58.com from a “d+” rating to a “c” rating in a research report on Thursday, May 11th. TH Capital assumed coverage on 58.com in a research report on Wednesday, May 10th. They set a “buy” rating and a $48.00 target price for the company. Finally, T.H. Capital assumed coverage on 58.com in a research report on Wednesday, May 10th. They set a “buy” rating and a $48.00 target price for the company. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $44.30.

58.com (NYSE WUBA) traded up 2.23% during trading on Wednesday, reaching $45.00. The company had a trading volume of 1,093,294 shares. The firm’s 50-day moving average price is $43.10 and its 200 day moving average price is $36.34. 58.com has a one year low of $27.58 and a one year high of $55.28. The firm’s market capitalization is $6.54 billion.

58.com (NYSE:WUBA) last released its quarterly earnings results on Thursday, May 25th. The information services provider reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.27. The company had revenue of $288.19 million during the quarter. 58.com had a negative return on equity of 1.57% and a negative net margin of 3.18%. Equities analysts forecast that 58.com will post $0.84 earnings per share for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of 58.com by 23.1% in the first quarter. FMR LLC now owns 12,046,536 shares of the information services provider’s stock worth $426,327,000 after buying an additional 2,257,370 shares during the last quarter. General Atlantic LLC raised its stake in shares of 58.com by 86.9% in the first quarter. General Atlantic LLC now owns 5,840,000 shares of the information services provider’s stock worth $206,678,000 after buying an additional 2,715,000 shares during the last quarter. Platinum Investment Management Ltd. raised its stake in shares of 58.com by 13.6% in the first quarter. Platinum Investment Management Ltd. now owns 5,170,041 shares of the information services provider’s stock worth $182,967,000 after buying an additional 617,217 shares during the last quarter. FIL Ltd raised its stake in shares of 58.com by 38.1% in the first quarter. FIL Ltd now owns 5,157,531 shares of the information services provider’s stock worth $182,526,000 after buying an additional 1,422,313 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of 58.com by 5,138.7% in the first quarter. BlackRock Inc. now owns 4,007,567 shares of the information services provider’s stock worth $141,828,000 after buying an additional 3,931,068 shares during the last quarter. Hedge funds and other institutional investors own 64.78% of the company’s stock.

About 58.com

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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Analyst Recommendations for 58.com (NYSE:WUBA)

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