58.com Inc. (WUBA) Cut to “Hold” at Zacks Investment Research

58.com Inc. (NYSE:WUBA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Saturday.

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. “

Other analysts have also issued research reports about the stock. CLSA raised shares of 58.com from an “underperform” rating to an “outperform” rating and upped their target price for the stock from $39.00 to $50.00 in a report on Thursday, May 25th. BidaskClub lowered shares of 58.com from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Bank of America Corporation upped their target price on shares of 58.com from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, May 30th. ValuEngine raised shares of 58.com from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Morgan Stanley lowered shares of 58.com from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $42.00 to $40.00 in a report on Friday, June 30th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.82.

58.com (NYSE WUBA) opened at 67.15 on Friday. The company has a market capitalization of $9.78 billion, a PE ratio of 359.09 and a beta of 2.17. The stock’s 50 day moving average is $59.08 and its 200 day moving average is $45.88. 58.com has a one year low of $27.58 and a one year high of $68.85.

58.com (NYSE:WUBA) last posted its quarterly earnings results on Monday, August 21st. The information services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.42. 58.com had a net margin of 2.14% and a return on equity of 1.04%. The company had revenue of $382.81 million for the quarter. On average, analysts anticipate that 58.com will post $1.20 earnings per share for the current fiscal year.

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Large investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of 58.com in the 1st quarter valued at $155,000. AJO LP purchased a new stake in shares of 58.com in the 2nd quarter valued at $201,000. Profund Advisors LLC purchased a new stake in shares of 58.com in the 1st quarter valued at $214,000. Teacher Retirement System of Texas purchased a new stake in shares of 58.com in the 1st quarter valued at $240,000. Finally, World Asset Management Inc purchased a new stake in shares of 58.com in the 1st quarter valued at $255,000. 60.03% of the stock is currently owned by hedge funds and other institutional investors.

58.com Company Profile

58.com Inc is a holding company. The Company’s business consists of its online classifieds and listing platforms. Its online classifieds and listings platforms enable local merchants and consumers to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke.

Analyst Recommendations for 58.com (NYSE:WUBA)

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