58.com (WUBA) Shares Gap Up Following Analyst Upgrade

58.com Inc (NYSE:WUBA) shares gapped up before the market opened on Monday after Bank of America raised their price target on the stock from $89.00 to $94.00. The stock had previously closed at $86.89, but opened at $82.81. Bank of America currently has a neutral rating on the stock. 58.com shares last traded at $81.47, with a volume of 860081 shares changing hands.

Several other brokerages have also recently issued reports on WUBA. Zacks Investment Research upgraded shares of 58.com from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research report on Sunday, January 21st. Benchmark upgraded shares of 58.com from a “hold” rating to a “buy” rating in a research report on Friday. Credit Suisse Group upped their target price on shares of 58.com to $90.00 and gave the company an “outperform” rating in a research report on Thursday, March 8th. Finally, TheStreet cut shares of 58.com from a “b-” rating to a “c+” rating in a research report on Friday, December 22nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $62.91.

Several large investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of 58.com during the fourth quarter worth approximately $499,000. Grandeur Peak Global Advisors LLC purchased a new position in shares of 58.com during the fourth quarter worth approximately $4,820,000. Handelsbanken Fonder AB increased its position in shares of 58.com by 15.8% during the fourth quarter. Handelsbanken Fonder AB now owns 36,700 shares of the information services provider’s stock worth $2,627,000 after acquiring an additional 5,000 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of 58.com by 44.7% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 28,800 shares of the information services provider’s stock worth $2,061,000 after acquiring an additional 8,900 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in shares of 58.com by 87.3% during the fourth quarter. TIAA CREF Investment Management LLC now owns 144,200 shares of the information services provider’s stock worth $10,320,000 after acquiring an additional 67,200 shares during the period. 56.64% of the stock is currently owned by institutional investors and hedge funds.

The company has a market capitalization of $11,830.00, a PE ratio of 59.31 and a beta of 2.11. The company has a quick ratio of 1.06, a current ratio of 1.14 and a debt-to-equity ratio of 0.04.

ILLEGAL ACTIVITY WARNING: “58.com (WUBA) Shares Gap Up Following Analyst Upgrade” was originally published by Markets Daily and is owned by of Markets Daily. If you are viewing this piece of content on another site, it was illegally stolen and republished in violation of United States and international trademark & copyright legislation. The original version of this piece of content can be read at https://www.themarketsdaily.com/2018/03/13/58-com-wuba-shares-gap-up-following-analyst-upgrade.html.

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.

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.

Leave a Reply