Wix.com (NASDAQ:WIX) Hits New 12-Month Low – Should You Sell?

Shares of Wix.com Ltd. (NASDAQ:WIX) reached a new 52-week low during trading on Tuesday . The stock traded as low as $92.23 and last traded at $93.31, with a volume of 2937704 shares changing hands. The stock had previously closed at $95.51.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Bank of America cut their price objective on Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Piper Sandler lifted their price objective on Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. JMP Securities set a $185.00 target price on shares of Wix.com in a report on Thursday. Finally, Benchmark lowered their price target on shares of Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and an average price target of $179.81.

Wix.com Trading Down 2.3%

The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 39.88, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The business has a 50 day simple moving average of $143.42 and a 200-day simple moving average of $148.41.

Wix.com announced that its board has initiated a stock buyback program on Monday, August 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently bought and sold shares of WIX. GC Wealth Management RIA LLC acquired a new stake in Wix.com during the 2nd quarter worth approximately $417,000. ARK Investment Management LLC grew its stake in Wix.com by 28.2% during the second quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock worth $1,631,000 after buying an additional 2,266 shares during the period. Senvest Management LLC increased its position in shares of Wix.com by 32.2% in the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after acquiring an additional 496,770 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Wix.com by 45.8% in the second quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock worth $2,017,000 after acquiring an additional 3,973 shares in the last quarter. Finally, GDS Wealth Management raised its stake in shares of Wix.com by 58.9% in the 2nd quarter. GDS Wealth Management now owns 66,320 shares of the information services provider’s stock valued at $10,509,000 after acquiring an additional 24,571 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

About Wix.com

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.