Price Change to Note: Is Selling 58.com Inc (ADR) Here a Winning Strategy?

Price Change to Note: Is Selling 58.com Inc (ADR) Here a Winning Strategy?

The stock of 58.com Inc (ADR) (NYSE:WUBA) hit a new 52-week low and has $39.77 target or 5.00% below today’s $41.86 share price. The 7 months bearish chart indicates high risk for the $5.99 billion company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $39.77 price target is reached, the company will be worth $299.50 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 616,705 shares traded hands. 58.com Inc (ADR) (NYSE:WUBA) has declined 24.54% since March 29, 2016 and is downtrending. It has underperformed by 28.01% the S&P500.

58.com Inc (ADR) (NYSE:WUBA) Ratings Coverage

Out of 10 analysts covering 58.com (NYSE:WUBA), 7 rate it a “Buy”, 2 “Sell”, while 1 “Hold”. This means 70% are positive. 58.com has been the topic of 10 analyst reports since August 21, 2015 according to StockzIntelligence Inc. Macquarie Research initiated the shares of WUBA in a report on Friday, July 8 with “Outperform” rating. The rating was upgraded by Morgan Stanley to “Overweight” on Tuesday, September 1. The stock of 58.com Inc (ADR) (NYSE:WUBA) earned “Buy” rating by Brean Capital on Friday, June 3. Deutsche Bank initiated the shares of WUBA in a report on Wednesday, October 5 with “Buy” rating. Credit Agricole initiated the stock with “Sell” rating in Thursday, October 15 report. HSBC initiated the shares of WUBA in a report on Tuesday, December 15 with “Buy” rating. CLSA initiated it with “Sell” rating and $48 target price in Thursday, October 15 report.

According to Zacks Investment Research, “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.”

More recent 58.com Inc (ADR) (NYSE:WUBA) news were published by: Fool.com which released: “Why 58.com Inc. (ADR) Stock Plunged Today” on August 18, 2016. Also Marketwatch.com published the news titled: “/quotes/zigman/3870025/realtime” on October 31, 2013. Fool.com‘s news article titled: “Why 58.com Inc (ADR) Stock Skyrocketed Today” with publication date: April 14, 2015 was also an interesting one.

WUBA Company Profile

58.com Inc., incorporated on May 1, 2011, is a holding company. The Company’s business consists of its online classifieds and listing platforms. The Company’s online classifieds and listings platforms enable local merchants and clients to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke. 58 and Ganji are online multi-content category-classified advertising platforms, while Anjuke is an online real estate listing platform. In addition, 58 Daojia Inc. (58 Home), its subsidiary, operates a mobile closed-loop transactional platform for home services, which directly connects clients and individual service providers for local services, such as home cleaning, moving services and manicure services provided at home.

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