58.com (WUBA) Trading Up 9.3%
58.com Inc (NYSE:WUBA)’s share price was up 9.3% during trading on Thursday . The stock traded as high as $75.10 and last traded at $74.49. Approximately 1,838,123 shares changed hands during mid-day trading, an increase of 59% from the average daily volume of 1,155,323 shares. The stock had previously closed at $68.18.
Several equities analysts have recently commented on WUBA shares. Zacks Investment Research raised shares of 58.com from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 31st. TheStreet downgraded shares of 58.com from a “b-” rating to a “c+” rating in a report on Thursday, June 28th. Finally, ValuEngine raised shares of 58.com from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. 58.com has a consensus rating of “Buy” and an average target price of $89.67.
The firm has a market capitalization of $9.99 billion, a P/E ratio of 54.61 and a beta of 1.95.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. increased its position in 58.com by 230.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,531 shares of the information services provider’s stock worth $122,000 after purchasing an additional 1,068 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in 58.com in the first quarter worth $248,000. Atlas Capital Advisors LLC bought a new stake in 58.com in the second quarter worth $205,000. Hikari Power Ltd bought a new stake in 58.com in the second quarter worth $225,000. Finally, Atria Investments LLC bought a new stake in 58.com in the second quarter worth $232,000. Institutional investors own 59.08% of the company’s stock.
About 58.com (NYSE:WUBA)
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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