58.com Inc. (NYSE:WUBA) is Platinum Investment Management Ltd.’s 7th Largest Position

Platinum Investment Management Ltd. trimmed its stake in 58.com Inc. (NYSE:WUBA) by 14.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,427,241 shares of the information services provider’s stock after selling 742,800 shares during the period. 58.com accounts for 5.3% of Platinum Investment Management Ltd.’s portfolio, making the stock its 7th largest position. Platinum Investment Management Ltd. owned 3.05% of 58.com worth $195,285,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its position in 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 buying an additional 49,970 shares in the last quarter. General Atlantic LLC increased its position in 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 buying an additional 1,310,000 shares in the last quarter. FIL Ltd increased its position in 58.com by 4.7% during the 2nd quarter. FIL Ltd now owns 5,397,823 shares of the information services provider’s stock valued at $238,098,000 after buying an additional 240,292 shares in the last quarter. Coronation Fund Managers Ltd. increased its position in 58.com by 42.3% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,391,885 shares of the information services provider’s stock valued at $193,726,000 after buying an additional 1,304,456 shares in the last quarter. Finally, BlackRock Inc. increased its position in 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 buying an additional 291,891 shares in the last quarter. 60.03% of the stock is owned by hedge funds and other institutional investors.

Shares of 58.com Inc. (WUBA) traded up 0.03% during mid-day trading on Tuesday, hitting $68.49. The stock had a trading volume of 334,468 shares. The firm has a market cap of $9.97 billion, a PE ratio of 360.47 and a beta of 2.15. 58.com Inc. has a 52-week low of $27.58 and a 52-week high of $68.89. The firm has a 50 day moving average price of $64.64 and a 200 day moving average price of $49.99.

58.com (NYSE:WUBA) last posted its quarterly earnings data on Monday, August 21st. The information services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.42. The firm 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 analysts predict that 58.com Inc. will post $1.23 EPS for the current year.

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Several research analysts recently issued reports on the company. Zacks Investment Research lowered 58.com from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. BidaskClub raised 58.com from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Morgan Stanley lowered 58.com from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $42.00 to $40.00 in a report on Friday, June 30th. ValuEngine raised 58.com from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Deutsche Bank AG raised 58.com from a “hold” rating to a “buy” rating and increased their price objective for the company from $41.00 to $70.00 in a report on Tuesday, August 22nd. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $55.27.

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.

Institutional Ownership by Quarter for 58.com (NYSE:WUBA)

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