Shares of 58.com Inc (NYSE:WUBA) have been assigned an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $92.00.
WUBA has been the topic of several research reports. ValuEngine lowered 58.com from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. TheStreet upgraded 58.com from a “c” rating to a “b-” rating in a report on Friday, August 17th. CLSA reiterated a “buy” rating on shares of 58.com in a report on Thursday, September 20th. Finally, Zacks Investment Research upgraded 58.com from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 31st.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Genesis Asset Managers LLP increased its holdings in 58.com by 11.7% in the third quarter. Genesis Asset Managers LLP now owns 7,684,938 shares of the information services provider’s stock valued at $565,611,000 after purchasing an additional 806,641 shares during the last quarter. BlackRock Inc. increased its holdings in shares of 58.com by 5.0% in the second quarter. BlackRock Inc. now owns 4,467,505 shares of the information services provider’s stock worth $309,777,000 after acquiring an additional 213,701 shares in the last quarter. Coronation Fund Managers Ltd. increased its holdings in shares of 58.com by 59.8% in the third quarter. Coronation Fund Managers Ltd. now owns 3,135,609 shares of the information services provider’s stock worth $230,781,000 after acquiring an additional 1,173,951 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of 58.com in the second quarter worth about $181,353,000. Finally, Marshall Wace LLP increased its holdings in shares of 58.com by 99.7% in the second quarter. Marshall Wace LLP now owns 1,058,141 shares of the information services provider’s stock worth $73,371,000 after acquiring an additional 528,249 shares in the last quarter. Institutional investors and hedge funds own 59.44% of the company’s stock.
58.com (NYSE:WUBA) last issued its quarterly earnings results on Wednesday, August 15th. The information services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.26. 58.com had a return on equity of 8.07% and a net margin of 14.21%. The business had revenue of $518.47 million for the quarter, compared to analyst estimates of $485.03 million. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The firm’s revenue for the quarter was up 35.4% compared to the same quarter last year. Analysts forecast that 58.com will post 1.84 EPS for the current fiscal year.
58.com Company Profile
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.
Further Reading: What is dollar cost averaging (DCA)?
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.