58.com (WUBA) Upgraded by Zacks Investment Research to Buy

58.com (NYSE:WUBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday. The brokerage currently has a $92.00 price target on the information services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.81% from the stock’s current price.

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. “

Several other research firms have also recently commented on WUBA. TheStreet upgraded 58.com from a “c+” rating to a “b-” rating in a research note on Friday, November 10th. BidaskClub cut 58.com from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $56.60.

58.com (NYSE:WUBA) opened at $80.13 on Friday. The company has a market capitalization of $11,813.10, a P/E ratio of 108.28 and a beta of 2.15. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.06 and a current ratio of 1.06. 58.com has a one year low of $27.58 and a one year high of $85.04.

58.com (NYSE:WUBA) last released its earnings results on Sunday, November 12th. The information services provider reported $0.36 EPS for the quarter. 58.com had a return on equity of 4.08% and a net margin of 7.93%. sell-side analysts anticipate that 58.com will post 1.03 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in shares of 58.com by 0.4% during the 2nd quarter. FMR LLC now owns 12,096,506 shares of the information services provider’s stock valued at $533,576,000 after acquiring an additional 49,970 shares in the last quarter. General Atlantic LLC raised its position in shares of 58.com by 22.4% during the 2nd quarter. General Atlantic LLC now owns 7,150,000 shares of the information services provider’s stock valued at $315,387,000 after acquiring an additional 1,310,000 shares in the last quarter. Carmignac Gestion raised its position in shares of 58.com by 1,105.5% during the 3rd quarter. Carmignac Gestion now owns 5,172,323 shares of the information services provider’s stock valued at $326,580,000 after acquiring an additional 4,743,260 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of 58.com by 258.4% during the 3rd quarter. Baillie Gifford & Co. now owns 4,823,568 shares of the information services provider’s stock valued at $304,561,000 after acquiring an additional 3,477,536 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of 58.com by 7.3% during the 2nd quarter. BlackRock Inc. now owns 4,299,458 shares of the information services provider’s stock valued at $189,648,000 after acquiring an additional 291,891 shares in the last quarter. 60.92% of the stock is currently owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: “58.com (WUBA) Upgraded by Zacks Investment Research to Buy” was first posted by American Banking News and is owned by of American Banking News. If you are accessing this article on another publication, it was illegally stolen and republished in violation of US & international trademark & copyright law. The legal version of this article can be read at https://www.americanbankingnews.com/2018/01/21/58-com-wuba-upgraded-by-zacks-investment-research-to-buy.html.

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.

Get a free copy of the Zacks research report on 58.com (WUBA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for 58.com (NYSE:WUBA)

Receive News & Ratings for 58.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 58.com and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply