Stock analysts at Citigroup Inc. assumed coverage on shares of 58.com Inc. (NYSE:WUBA) in a report released on Tuesday, August 8th, Marketbeat Ratings reports. The firm set a “buy” rating and a $62.00 price target on the information services provider’s stock. Citigroup Inc.’s target price suggests a potential upside of 16.41% from the stock’s current price.
WUBA has been the subject of several other research reports. Zacks Investment Research upgraded 58.com from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company in a research report on Wednesday, May 3rd. Benchmark Co. began coverage on 58.com in a report on Tuesday, April 18th. They set a “hold” rating for the company. Morgan Stanley restated an “equal weight” rating and set a $42.00 price target on shares of 58.com in a report on Sunday, May 28th. BidaskClub upgraded 58.com from a “hold” rating to a “buy” rating in a report on Wednesday, June 28th. Finally, TH Capital began coverage on 58.com in a report on Wednesday, May 10th. They set a “buy” rating and a $48.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $45.91.
Shares of 58.com (WUBA) opened at 53.26 on Tuesday. 58.com has a 12 month low of $27.58 and a 12 month high of $55.79. The stock’s 50 day moving average price is $49.92 and its 200-day moving average price is $41.33. The company’s market cap is $7.74 billion.
58.com (NYSE:WUBA) last released its earnings results on Thursday, May 25th. The information services provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.27. 58.com had a negative return on equity of 1.57% and a negative net margin of 3.18%. The firm had revenue of $288.19 million during the quarter. Equities research analysts expect that 58.com will post $0.85 earnings per share for the current year.
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Several large investors have recently bought and sold shares of WUBA. BlackRock Inc. raised its stake in 58.com by 5,138.7% in the first quarter. BlackRock Inc. now owns 4,007,567 shares of the information services provider’s stock valued at $141,828,000 after buying an additional 3,931,068 shares during the last quarter. General Atlantic LLC raised its stake in 58.com by 86.9% in the first quarter. General Atlantic LLC now owns 5,840,000 shares of the information services provider’s stock valued at $206,678,000 after buying an additional 2,715,000 shares during the last quarter. FMR LLC raised its stake in 58.com by 23.1% in the first quarter. FMR LLC now owns 12,046,536 shares of the information services provider’s stock valued at $426,327,000 after buying an additional 2,257,370 shares during the last quarter. Dodge & Cox bought a new stake in 58.com during the second quarter valued at about $65,264,000. Finally, FIL Ltd raised its stake in 58.com by 38.1% in the first quarter. FIL Ltd now owns 5,157,531 shares of the information services provider’s stock valued at $182,526,000 after buying an additional 1,422,313 shares during the last quarter. 65.05% of the stock is owned by institutional investors and hedge funds.
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.
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