Wix.com (NASDAQ:WIX) Shares Gap Down – Should You Sell?

Wix.com Ltd. (NASDAQ:WIX) gapped down prior to trading on Thursday . The stock had previously closed at $47.76, but opened at $45.83. Wix.com shares last traded at $47.58, with a volume of 104,157 shares.

Analyst Ratings Changes

WIX has been the subject of a number of recent analyst reports. Bank of America reduced their price target on shares of Wix.com from $136.00 to $109.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Piper Sandler started coverage on Wix.com in a research report on Thursday, March 12th. They issued a “neutral” rating and a $98.00 price objective on the stock. UBS Group dropped their price objective on Wix.com from $68.00 to $58.00 and set a “neutral” rating for the company in a research note on Wednesday, June 10th. Citigroup reduced their target price on Wix.com from $66.00 to $59.00 and set a “neutral” rating for the company in a research report on Tuesday, June 9th. Finally, Cantor Fitzgerald decreased their target price on Wix.com from $110.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.75.

Wix.com Trading Up 0.9%

The stock has a market capitalization of $2.81 billion, a P/E ratio of -61.75 and a beta of 0.93. The stock’s fifty day moving average price is $54.60 and its two-hundred day moving average price is $73.55.

Wix.com (NASDAQ:WIX) last released its earnings results on Wednesday, May 13th. The information services provider reported $0.68 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.53). The business had revenue of $541.17 million for the quarter, compared to the consensus estimate of $544.04 million. Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. Wix.com’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.69 EPS. As a group, analysts expect that Wix.com Ltd. will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC increased its holdings in shares of Wix.com by 11,894.0% in the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider’s stock worth $318,676,000 after buying an additional 3,500,047 shares during the period. Ameriprise Financial Inc. boosted its holdings in Wix.com by 128.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after acquiring an additional 2,606,204 shares during the period. Wellington Management Group LLP boosted its holdings in Wix.com by 90.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock valued at $602,270,000 after acquiring an additional 1,609,989 shares during the period. Diamond Hill Capital Management Inc. bought a new position in Wix.com during the 4th quarter worth approximately $150,622,000. Finally, Atreides Management LP bought a new position in Wix.com during the 4th quarter worth approximately $129,598,000. 81.52% of the stock is owned by institutional investors.

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.