58.com Inc. (WUBA) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of 58.com Inc. (NYSE:WUBA) from a hold rating to a sell rating in a research note published on Wednesday, July 26th.

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 equities analysts also recently commented on the stock. CLSA upgraded shares of 58.com from an underperform rating to an outperform rating and boosted their target price for the stock from $39.00 to $50.00 in a research note on Thursday, May 25th. Benchmark Co. assumed coverage on shares of 58.com in a research note on Tuesday, April 18th. They set a hold rating for the company. BidaskClub downgraded shares of 58.com from a buy rating to a hold rating in a research note on Thursday, July 6th. Morgan Stanley downgraded shares of 58.com from an equal weight rating to an underweight rating and decreased their price objective for the company from $42.00 to $40.00 in a research note on Friday, June 30th. Finally, ValuEngine upgraded shares of 58.com from a sell rating to a hold rating in a research note on Thursday, July 13th. Five analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $44.30.

Shares of 58.com (WUBA) traded up 0.90% during mid-day trading on Wednesday, hitting $51.42. The stock had a trading volume of 928,481 shares. The stock’s 50-day moving average is $47.18 and its 200 day moving average is $39.66. 58.com has a 12 month low of $27.58 and a 12 month high of $55.28. The firm’s market cap is $7.47 billion.

58.com (NYSE:WUBA) last issued its earnings results on Thursday, May 25th. The information services provider reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.27. The firm had revenue of $288.19 million during the quarter. 58.com had a negative net margin of 3.18% and a negative return on equity of 1.57%. Equities research analysts predict that 58.com will post $0.85 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in WUBA. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of 58.com by 2.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 188,616 shares of the information services provider’s stock worth $6,675,000 after buying an additional 5,148 shares during the last quarter. Wells Fargo & Company MN boosted its position in 58.com by 6.5% in the first 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 in the last quarter. Tiger Pacific Capital LP purchased a new position in 58.com during the first quarter valued at about $15,908,000. Profund Advisors LLC purchased a new position in 58.com during the first quarter valued at about $214,000. Finally, Korea Investment CORP boosted its position in 58.com by 3.6% in the first quarter. Korea Investment CORP now owns 56,900 shares of the information services provider’s stock valued at $2,014,000 after buying an additional 2,000 shares in the last quarter. 66.43% of the stock is owned by institutional investors and hedge funds.

58.com Company Profile

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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