Wix.com (NASDAQ:WIX) Hits New 1-Year Low – What’s Next?

Shares of Wix.com Ltd. (NASDAQ:WIX) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $63.35 and last traded at $63.8750, with a volume of 152776 shares trading hands. The stock had previously closed at $66.90.

Analysts Set New Price Targets

A number of analysts recently issued reports on WIX shares. Oppenheimer lowered their price target on Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. Cantor Fitzgerald raised their target price on shares of Wix.com from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, December 11th. Raymond James Financial set a $74.00 price target on shares of Wix.com in a research note on Wednesday, January 7th. B. Riley Financial restated a “buy” rating and set a $200.00 target price (down previously from $230.00) on shares of Wix.com in a research report on Thursday, November 20th. Finally, Citigroup reduced their price target on Wix.com from $197.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $156.30.

Wix.com Stock Down 3.5%

The stock has a market capitalization of $3.62 billion, a P/E ratio of 27.52, a P/E/G ratio of 2.08 and a beta of 1.42. The stock’s 50 day moving average price is $88.76 and its 200-day moving average price is $119.01.

Wix.com announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Wix.com

Several hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its holdings in shares of Wix.com by 128.3% in 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 buying an additional 2,606,204 shares in the last quarter. Lone Pine Capital LLC acquired a new stake in Wix.com in the second quarter valued at approximately $342,485,000. Wellington Management Group LLP boosted its stake in Wix.com by 90.4% in the third 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 in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Wix.com during the fourth quarter worth $150,622,000. Finally, Atreides Management LP acquired a new position in shares of Wix.com during the fourth quarter worth $129,598,000. 81.52% of the stock is owned by hedge funds and other 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.