EastBay Asset Management LLC reduced its stake in shares of 58.com Inc. (NYSE:WUBA) by 30.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 492,167 shares of the information services provider’s stock after selling 211,103 shares during the period. 58.com makes up 2.0% of EastBay Asset Management LLC’s investment portfolio, making the stock its 11th biggest position. EastBay Asset Management LLC owned about 0.34% of 58.com worth $21,710,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. AJO LP purchased a new position in 58.com in the 2nd quarter worth $201,000. Teacher Retirement System of Texas purchased a new position in 58.com in the 1st quarter worth $240,000. Wetherby Asset Management Inc. purchased a new position in 58.com in the 2nd quarter worth $261,000. Comerica Bank purchased a new position in 58.com in the 1st quarter worth $263,000. Finally, Trexquant Investment LP purchased a new position in 58.com in the 2nd quarter worth $265,000. 60.03% of the stock is owned by institutional investors.
Shares of 58.com Inc. (NYSE:WUBA) traded down 1.26% during midday trading on Thursday, hitting $64.50. 735,105 shares of the stock were exchanged. The stock has a market cap of $9.39 billion, a P/E ratio of 339.47 and a beta of 2.15. The firm has a 50 day moving average of $64.77 and a 200-day moving average of $49.47. 58.com Inc. has a 12 month low of $27.58 and a 12 month high of $68.85.
58.com (NYSE:WUBA) last posted its earnings results on Monday, August 21st. The information services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.42. The business had revenue of $382.81 million for the quarter. 58.com had a net margin of 2.14% and a return on equity of 1.04%. Equities research analysts anticipate that 58.com Inc. will post $1.19 EPS for the current year.
A number of equities analysts recently commented on the stock. Zacks Investment Research cut shares of 58.com from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 16th. Citigroup Inc. upgraded shares of 58.com from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $68.00 in a research report on Wednesday, August 23rd. Deutsche Bank AG upgraded shares of 58.com from a “hold” rating to a “buy” rating and lifted their target price for the stock from $41.00 to $70.00 in a research report on Tuesday, August 22nd. HSBC Holdings plc upgraded shares of 58.com from a “hold” rating to a “buy” rating and boosted their price objective for the company from $45.00 to $69.00 in a research report on Tuesday, August 22nd. Finally, BidaskClub upgraded shares of 58.com from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.27.
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.
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