Wix.com (NASDAQ:WIX) Hits New 12-Month Low – Here’s What Happened

Wix.com Ltd. (NASDAQ:WIX) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $74.57 and last traded at $73.69, with a volume of 138338 shares changing hands. The stock had previously closed at $77.45.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on Wix.com from $184.00 to $176.00 and set an “overweight” rating on the stock in a research report on Friday, December 19th. Barclays cut their target price on shares of Wix.com from $210.00 to $205.00 and set an “overweight” rating on the stock in a report on Wednesday, January 21st. Citizens Jmp decreased their price target on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating for the company in a research note on Thursday, January 22nd. Scotiabank lowered their price objective on shares of Wix.com from $255.00 to $175.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 20th. Finally, JMP Securities set a $185.00 target price on shares of Wix.com in a report on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.43.

Wix.com Stock Down 0.0%

The company’s fifty day moving average price is $94.94 and its two-hundred day moving average price is $124.31. The firm has a market cap of $4.23 billion, a PE ratio of 32.23, a P/E/G ratio of 2.34 and a beta of 1.42.

Wix.com announced that its board has approved a stock repurchase plan on Wednesday, January 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Westside Investment Management Inc. grew its stake in shares of Wix.com by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Wix.com by 122.2% in the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 132 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Wix.com during the fourth quarter worth about $27,000. Finally, National Bank of Canada FI acquired a new position in Wix.com during the third quarter worth about $54,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.