Wix.com (NASDAQ:WIX) Reaches New 1-Year Low – Here’s What Happened

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on WIX shares. Piper Sandler upped their target price on Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. UBS Group set a $170.00 price target on Wix.com in a research report on Monday. Citizens Jmp lowered their price objective on shares of Wix.com from $210.00 to $185.00 and set a “market outperform” rating for the company in a research report on Thursday, November 20th. Bank of America reduced their target price on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, November 19th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Wix.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.81.

Wix.com Stock Performance

The firm has a fifty day simple moving average of $143.42 and a 200-day simple moving average of $148.41. The company has a market capitalization of $5.24 billion, a PE ratio of 39.88, a P/E/G ratio of 1.97 and a beta of 1.31.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WIX. GC Wealth Management RIA LLC bought a new stake in shares of Wix.com in the 2nd quarter worth about $417,000. ARK Investment Management LLC lifted its position in shares of 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 purchasing an additional 2,266 shares during the last quarter. Senvest Management LLC grew its stake in 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 purchasing an additional 496,770 shares in the last quarter. Nordea Investment Management AB grew its stake in 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 purchasing an additional 3,973 shares in the last quarter. Finally, GDS Wealth Management increased its holdings in Wix.com by 58.9% in the second quarter. GDS Wealth Management now owns 66,320 shares of the information services provider’s stock valued at $10,509,000 after buying an additional 24,571 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors.

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.