58.com (WUBA) Lowered to “Hold” at ValuEngine
ValuEngine downgraded shares of 58.com (NYSE:WUBA) from a buy rating to a hold rating in a research note released on Thursday, August 23rd.
A number of other equities analysts also recently commented on the stock. TheStreet downgraded shares of 58.com from a b- rating to a c+ rating in a research note on Thursday, June 28th. Zacks Investment Research downgraded shares of 58.com from a buy rating to a hold rating in a research note on Saturday, May 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $89.67.
Shares of NYSE WUBA traded down $1.86 during trading on Thursday, hitting $72.63. The company had a trading volume of 894,457 shares, compared to its average volume of 1,534,862. 58.com has a fifty-two week low of $56.70 and a fifty-two week high of $89.90. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of 40.83 and a beta of 1.95.
Several institutional investors have recently added to or reduced their stakes in WUBA. Wells Fargo & Company MN grew its holdings in 58.com by 453.6% during the 1st quarter. Wells Fargo & Company MN now owns 87,680 shares of the information services provider’s stock worth $7,002,000 after acquiring an additional 71,843 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in 58.com during the 1st quarter worth approximately $687,000. Commerzbank Aktiengesellschaft FI acquired a new position in 58.com during the 1st quarter worth approximately $736,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in 58.com by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 220,049 shares of the information services provider’s stock worth $17,573,000 after acquiring an additional 25,100 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in 58.com by 37.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 6,395 shares of the information services provider’s stock worth $2,957,000 after acquiring an additional 1,751 shares in the last quarter. 59.08% of the stock is currently owned by institutional investors and hedge funds.
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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