58.com Inc (NYSE:WUBA)’s share price rose 5.1% on Wednesday . The company traded as high as $58.08 and last traded at $57.97, approximately 1,270,431 shares were traded during trading. An increase of 47% from the average daily volume of 864,132 shares. The stock had previously closed at $55.17.

Several analysts recently issued reports on the company. Zacks Investment Research downgraded 58.com from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 3rd. Credit Suisse Group cut 58.com from an “outperform” rating to a “neutral” rating and set a $57.23 price objective on the stock. in a research note on Tuesday, July 16th. BOCOM International cut 58.com from a “buy” rating to a “neutral” rating in a research note on Friday, August 23rd. Jefferies Financial Group initiated coverage on 58.com in a research report on Monday, August 5th. They issued a “buy” rating and a $66.40 target price for the company. Finally, ValuEngine lowered 58.com from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $62.93.

The business’s 50 day moving average price is $54.19 and its 200-day moving average price is $61.16. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.01. The company has a market cap of $8.06 billion, a PE ratio of 29.88, a price-to-earnings-growth ratio of 0.45 and a beta of 1.72.

Several hedge funds have recently made changes to their positions in the company. Ward Ferry Management BVI Ltd grew its holdings in 58.com by 24.6% during the 2nd quarter. Ward Ferry Management BVI Ltd now owns 1,224,730 shares of the information services provider’s stock valued at $76,141,000 after purchasing an additional 241,700 shares in the last quarter. Handelsinvest Investeringsforvaltning boosted its position in 58.com by 18.6% in the 2nd quarter. Handelsinvest Investeringsforvaltning now owns 19,123 shares of the information services provider’s stock valued at $1,189,000 after buying an additional 3,000 shares during the last quarter. TD Asset Management Inc. purchased a new position in 58.com in the 1st quarter valued at about $812,000. NN Investment Partners Holdings N.V. boosted its position in 58.com by 77.8% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 6,400 shares of the information services provider’s stock valued at $398,000 after buying an additional 2,800 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of 58.com by 30.8% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 19,480 shares of the information services provider’s stock valued at $1,211,000 after acquiring an additional 4,590 shares in the last quarter. Institutional investors and hedge funds own 58.75% of the company’s stock.

About 58.com (NYSE:WUBA)

58.com Inc operates various multi-category online classifieds platforms and vertical 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; Anjuke, an online real estate listing platform; ChinaHR, an online recruitment platform that focuses on white collar jobs; and Jia Xiao Yi Dian Tong, an online platform for driver's license examination preparation and other related services.

Further Reading: Cryptocurrencies

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.