Wix.com (NASDAQ:WIX) Trading Up 8% – Here’s Why

Wix.com Ltd. (NASDAQ:WIX)’s stock price shot up 8% during trading on Wednesday . The stock traded as high as $48.99 and last traded at $49.0160. 232,542 shares were traded during trading, a decline of 90% from the average session volume of 2,390,015 shares. The stock had previously closed at $45.37.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WIX. Wall Street Zen lowered shares of Wix.com from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Citizens Jmp downgraded Wix.com from a “market outperform” rating to a “market perform” rating in a research note on Tuesday, April 7th. Piper Sandler initiated coverage on Wix.com in a research report on Thursday, March 12th. They issued a “neutral” rating and a $98.00 price target on the stock. Barclays decreased their price objective on Wix.com from $155.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Finally, Royal Bank Of Canada cut their target price on Wix.com from $60.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $96.75.

Wix.com Stock Performance

The firm has a market cap of $2.86 billion, a P/E ratio of -62.85 and a beta of 0.91. The stock’s 50-day moving average is $57.75 and its 200 day moving average is $75.78.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.53). Wix.com had a negative return on equity of 33.28% and a negative net margin of 1.97%.The business had revenue of $541.17 million for the quarter, compared to the consensus estimate of $544.04 million. During the same quarter in the prior year, the firm posted $1.69 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis. On average, research analysts anticipate that Wix.com Ltd. will post -0.16 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in shares of Wix.com by 36.6% during the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after acquiring an additional 436 shares in the last quarter. Woodline Partners LP boosted its position in shares of Wix.com by 9.7% during the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after buying an additional 202 shares during the period. Geneos Wealth Management Inc. boosted its position in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Wix.com by 18.9% during the 2nd quarter. Cetera Investment Advisers now owns 1,853 shares of the information services provider’s stock worth $294,000 after acquiring an additional 295 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Wix.com by 29.5% in the second quarter. American Century Companies Inc. now owns 6,930 shares of the information services provider’s stock worth $1,098,000 after purchasing an additional 1,580 shares in the last quarter. Institutional investors and hedge funds 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.