Pictet Asset Management Ltd. lifted its stake in 58.com Inc (NYSE:WUBA) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 125,980 shares of the information services provider’s stock after purchasing an additional 5,000 shares during the period. Pictet Asset Management Ltd. owned approximately 0.09% of 58.com worth $9,272,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Korea Investment CORP raised its position in shares of 58.com by 11.0% in the third quarter. Korea Investment CORP now owns 103,900 shares of the information services provider’s stock valued at $7,647,000 after buying an additional 10,300 shares during the last quarter. Granite Point Capital Management L.P. acquired a new position in shares of 58.com in the third quarter valued at approximately $589,000. Credit Suisse AG raised its position in shares of 58.com by 17.5% in the third quarter. Credit Suisse AG now owns 269,269 shares of the information services provider’s stock valued at $19,819,000 after buying an additional 40,018 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of 58.com in the third quarter valued at approximately $1,782,000. Finally, American International Group Inc. acquired a new position in shares of 58.com in the third quarter valued at approximately $118,000. Hedge funds and other institutional investors own 60.23% of the company’s stock.
A number of equities analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of 58.com from a “hold” rating to a “sell” rating in a research report on Friday. Benchmark cut their price objective on shares of 58.com from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 16th. ValuEngine lowered shares of 58.com from a “buy” rating to a “hold” rating in a research report on Saturday, November 10th. CLSA reissued a “buy” rating on shares of 58.com in a research report on Thursday, September 20th. Finally, TheStreet raised shares of 58.com from a “c” rating to a “b-” rating in a research report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $88.50.
58.com stock opened at $58.06 on Friday. 58.com Inc has a 1 year low of $52.14 and a 1 year high of $89.90. The company has a market capitalization of $8.73 billion, a P/E ratio of 43.65 and a beta of 1.77.
58.com (NYSE:WUBA) last released its earnings results on Wednesday, November 14th. The information services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. 58.com had a net margin of 16.13% and a return on equity of 9.57%. The firm had revenue of $527.20 million during the quarter, compared to the consensus estimate of $515.83 million. During the same period in the previous year, the firm earned $0.49 earnings per share. 58.com’s revenue was up 28.5% compared to the same quarter last year. As a group, equities analysts anticipate that 58.com Inc will post 1.84 EPS for the current year.
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58.com Inc operates online classifieds and 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; and Anjuke, an online real estate listing platform.
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