Why 58.com Inc (WUBA) Stock Is Spiking on Tuesday

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%. 

Must Read: Warren Buffett's 10 Favorite Growth Stocks

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WUBA ChartWUBA data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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