Wix.com (NASDAQ:WIX) Trading Up 6.4% – What’s Next?

Wix.com Ltd. (NASDAQ:WIX) shares traded up 6.4% on Monday . The company traded as high as $82.29 and last traded at $81.5060. 161,284 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 2,144,673 shares. The stock had previously closed at $76.58.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Raymond James Financial cut shares of Wix.com from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $75.00 to $70.00 in a research report on Thursday, July 30th. Morgan Stanley lowered shares of Wix.com from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $112.00 to $60.00 in a research report on Tuesday, July 21st. Weiss Ratings raised shares of Wix.com from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Wix.com in a report on Wednesday, August 5th. Finally, Wedbush increased their price target on Wix.com from $55.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Eleven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Wix.com presently has a consensus rating of “Hold” and a consensus target price of $90.57.

Wix.com Stock Performance

The business’s fifty day moving average is $66.56 and its 200-day moving average is $67.12. The firm has a market cap of $4.90 billion, a P/E ratio of -23.84, a price-to-earnings-growth ratio of 36.40 and a beta of 1.02.

Wix.com (NASDAQ:WIX) last posted its earnings results on Tuesday, August 4th. The information services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.26. The firm had revenue of $563.06 million for the quarter, compared to analyst estimates of $552.56 million. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.28 EPS. Analysts predict that Wix.com Ltd. will post 0.24 EPS for the current fiscal year.

Insider Activity

In other Wix.com news, Director Ron Gutler sold 5,718 shares of Wix.com stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $85.42, for a total transaction of $488,431.56. Following the transaction, the director directly owned 15,631 shares of the company’s stock, valued at approximately $1,335,200.02. The trade was a 26.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Omer Shai purchased 490 shares of Wix.com stock in a transaction on Monday, August 31st. The stock was bought at an average price of $59.89 per share, for a total transaction of $29,346.10. Following the transaction, the chief marketing officer directly owned 515,879 shares in the company, valued at approximately $30,895,993.31. The trade was a 0.10% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 2,622 shares of company stock worth $157,032. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC bought a new stake in Wix.com in the first quarter worth approximately $2,381,000. Temasek Holdings Private Ltd grew its position in Wix.com by 82.4% in the 4th quarter. Temasek Holdings Private Ltd now owns 756,866 shares of the information services provider’s stock valued at $78,631,000 after purchasing an additional 341,869 shares during the period. Renaissance Technologies LLC increased its stake in Wix.com by 52.1% during the 1st quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider’s stock valued at $51,885,000 after purchasing an additional 197,200 shares in the last quarter. Quantinno Capital Management LP raised its holdings in Wix.com by 155.6% during the first quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider’s stock worth $11,054,000 after buying an additional 74,716 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in Wix.com by 11,894.0% during 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 last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com Company Profile

Wix.com Ltd. is an Israeli software company that operates a cloud-based website development platform. Its services enable individuals, entrepreneurs, small businesses and organizations to create, manage and grow websites without requiring extensive coding expertise.

The company offers customizable website templates and visual design tools, along with domain registration, web hosting, content management, search engine optimization and online marketing capabilities. Wix also provides tools for e-commerce, online payments, bookings, events, restaurants and other business operations, as well as professional development products through Wix Studio and third-party applications available through its app marketplace.

Founded in 2006 by Avishai Abrahami, Nadav Abrahami and Giora Kaplan, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.