NEW YORK (TheStreet) -- Online marketplace 58.com Inc (WUBA) is spiking on Tuesday after Tiger Global Management, run by Chase Coleman, disclosed it has increased its stake to 6.5%, or 2.52 million shares. The firm had previously only held 300,000 shares in the company.
By midday, shares of the Beijing-based company had increased 10.6% to $41.84. Trading volume of 1.3 million was just under its three-month daily average of 1.5 million.
Year to date, the stock has climbed 9.6%.