Wix.com (NASDAQ:WIX) Price Target Cut to $62.00 by Analysts at JPMorgan Chase & Co.

Wix.com (NASDAQ:WIX) had its target price lowered by analysts at JPMorgan Chase & Co. from $86.00 to $62.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 46.31% from the company’s current price.

Several other brokerages also recently weighed in on WIX. Royal Bank Of Canada decreased their target price on Wix.com from $60.00 to $45.00 and set a “sector perform” rating for the company in a research report on Tuesday, June 9th. Wall Street Zen lowered Wix.com from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Jefferies Financial Group reduced their price target on Wix.com from $200.00 to $130.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Citigroup decreased their price target on Wix.com from $66.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, June 9th. Finally, Morgan Stanley lowered their price objective on shares of Wix.com from $125.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.75.

Wix.com Stock Performance

Wix.com stock traded up $0.33 during trading on Thursday, reaching $42.38. 1,772,988 shares of the company’s stock were exchanged, compared to its average volume of 2,462,761. The company’s 50-day moving average is $62.49 and its two-hundred day moving average is $79.42. Wix.com has a 52-week low of $40.51 and a 52-week high of $190.93. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -54.70 and a beta of 0.91.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.53). Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. The company had revenue of $541.17 million during the quarter, compared to analyst estimates of $544.04 million. During the same quarter in the prior year, the company posted $1.69 earnings per share. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. Analysts anticipate that Wix.com will post -0.1 EPS for the current year.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its holdings in 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 valued at $318,676,000 after purchasing an additional 3,500,047 shares during the last quarter. Ameriprise Financial Inc. increased 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 worth $823,813,000 after purchasing an additional 2,606,204 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Wix.com by 90.4% in 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 purchasing an additional 1,609,989 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Wix.com in the 4th quarter valued at approximately $150,622,000. Finally, Atreides Management LP purchased a new position in shares of Wix.com during the 4th quarter valued at approximately $129,598,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Wix.com

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.