58.com Inc. (NYSE:WUBA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a research note issued on Tuesday.

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. “

A number of other analysts also recently issued reports on the stock. Citigroup Inc. upgraded shares of 58.com from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.00 to $68.00 in a report on Wednesday, August 23rd. Deutsche Bank AG upgraded shares of 58.com from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $70.00 in a report on Tuesday, August 22nd. HSBC Holdings plc upgraded shares of 58.com from a “hold” rating to a “buy” rating and lifted their target price for the company from $45.00 to $69.00 in a report on Tuesday, August 22nd. BidaskClub upgraded shares of 58.com from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 19th. Finally, ValuEngine upgraded shares of 58.com from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $55.27.

Shares of 58.com (NYSE WUBA) traded down 1.92% on Tuesday, hitting $65.29. The company’s stock had a trading volume of 230,720 shares. The stock has a 50-day moving average price of $65.42 and a 200 day moving average price of $51.38. The firm has a market cap of $9.50 billion, a price-to-earnings ratio of 343.63 and a beta of 2.15. 58.com has a one year low of $27.58 and a one year high of $69.80.

58.com (NYSE:WUBA) last announced its quarterly earnings results on Monday, August 21st. The information services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.42. The business had revenue of $382.81 million during the quarter. 58.com had a net margin of 2.14% and a return on equity of 1.04%. Equities research analysts predict that 58.com will post $1.23 EPS for the current year.

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A number of hedge funds have recently modified their holdings of WUBA. Wells Fargo & Company MN boosted its position in 58.com by 6.5% in the 1st quarter. Wells Fargo & Company MN now owns 14,781 shares of the information services provider’s stock valued at $523,000 after buying an additional 900 shares during the period. Bank of New York Mellon Corp boosted its position in 58.com by 11.5% in the 1st quarter. Bank of New York Mellon Corp now owns 107,091 shares of the information services provider’s stock valued at $3,790,000 after buying an additional 11,041 shares during the period. Comerica Bank purchased a new position in 58.com in the 1st quarter valued at approximately $263,000. Parametric Portfolio Associates LLC boosted its position in 58.com by 19.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 52,304 shares of the information services provider’s stock valued at $1,851,000 after buying an additional 8,585 shares during the period. Finally, Teachers Advisors LLC boosted its position in 58.com by 9.5% in the 1st quarter. Teachers Advisors LLC now owns 35,887 shares of the information services provider’s stock valued at $1,270,000 after buying an additional 3,100 shares during the period. 58.81% of the stock is owned by institutional investors.

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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