Matthews International Capital Management LLC raised its stake in shares of 58.com Inc (NYSE:WUBA) by 68.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 373,200 shares of the information services provider’s stock after purchasing an additional 151,900 shares during the period. 58.com accounts for about 1.2% of Matthews International Capital Management LLC’s portfolio, making the stock its 19th biggest position. Matthews International Capital Management LLC’s holdings in 58.com were worth $24,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Quadrant Capital Group LLC grew its stake in 58.com by 433.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,194 shares of the information services provider’s stock worth $64,000 after purchasing an additional 970 shares in the last quarter. Stone Ridge Asset Management LLC bought a new position in 58.com in the fourth quarter worth approximately $210,000. Pictet & Cie Europe SA bought a new position in 58.com in the first quarter worth approximately $263,000. Fox Run Management L.L.C. bought a new position in 58.com in the fourth quarter worth approximately $239,000. Finally, Virtu Financial LLC bought a new position in 58.com in the fourth quarter worth approximately $264,000. Institutional investors and hedge funds own 60.44% of the company’s stock.
NYSE WUBA traded up $0.25 during midday trading on Wednesday, hitting $62.76. 2,432 shares of the company traded hands, compared to its average volume of 820,353. The stock has a market capitalization of $9.02 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.90 and a beta of 1.60. 58.com Inc has a 52 week low of $50.30 and a 52 week high of $87.90.
Several analysts have issued reports on WUBA shares. Zacks Investment Research raised 58.com from a “sell” rating to a “hold” rating in a research report on Friday, February 22nd. Macquarie cut 58.com from an “outperform” rating to a “neutral” rating in a research report on Friday, March 1st. Credit Suisse Group set a $84.00 target price on 58.com and gave the company a “buy” rating in a research report on Friday, March 1st. Benchmark reaffirmed a “buy” rating and set a $83.00 target price (down previously from $85.00) on shares of 58.com in a research report on Monday, March 4th. Finally, Deutsche Bank started coverage on 58.com in a research report on Wednesday, March 27th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $69.00.
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58.com Inc engages in the operation of online classifieds and listing platforms. Its businesses include include Zhuan Zhua, an online used good trading platform; 58 Home, an online home and moving services platform; Che Hao Duo, an online used and new car trading platform which contains Guazi, the used car platform; and Mao Dou, the new car platform.
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