Zacks Investment Research cut shares of 58.com (NYSE:WUBA) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

According to Zacks, “58.com Inc. operates online marketplace serving local merchants and consumers in China. It offers housing rental, recruitment, second-hand product, travel, catering, entertainment, and group-buying information. 58.com Inc. is based in Beijing, China. “

Several other equities analysts also recently weighed in on WUBA. TheStreet upgraded 58.com from a c rating to a b- rating in a research report on Friday, August 17th. ValuEngine downgraded 58.com from a buy rating to a hold rating in a research report on Thursday, August 23rd. CLSA restated a buy rating on shares of 58.com in a research report on Thursday, September 20th. Finally, Benchmark decreased their target price on 58.com from $96.00 to $85.00 and set a buy rating on the stock in a research report on Friday, November 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $88.50.

Shares of NYSE WUBA traded down $1.65 during midday trading on Friday, hitting $58.06. The stock had a trading volume of 667,352 shares, compared to its average volume of 1,243,935. The company has a market cap of $8.75 billion, a PE ratio of 43.65 and a beta of 1.77. 58.com has a 1 year low of $52.14 and a 1 year high of $89.90.

58.com (NYSE:WUBA) last released its earnings results on Wednesday, November 14th. The information services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.20. The business had revenue of $527.20 million for the quarter, compared to the consensus estimate of $515.83 million. 58.com had a return on equity of 9.57% and a net margin of 16.13%. The business’s quarterly revenue was up 28.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.49 earnings per share. Research analysts forecast that 58.com will post 1.84 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. purchased a new position in 58.com during the third quarter worth approximately $118,000. Quantbot Technologies LP purchased a new position in 58.com during the third quarter worth approximately $153,000. Redpoint Investment Management Pty Ltd purchased a new position in 58.com during the third quarter worth approximately $207,000. Tower Research Capital LLC TRC lifted its position in 58.com by 59.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,410 shares of the information services provider’s stock worth $236,000 after buying an additional 1,267 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in 58.com by 107.1% during the third quarter. Panagora Asset Management Inc. now owns 3,934 shares of the information services provider’s stock worth $290,000 after buying an additional 2,034 shares in the last quarter. Institutional investors and hedge funds own 60.23% of the company’s stock.

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.

See Also: Diversification

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