Wix.com (NASDAQ:WIX) Reaches New 12-Month Low – Here’s Why

Wix.com Ltd. (NASDAQ:WIX)’s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $40.51 and last traded at $40.8940, with a volume of 521681 shares trading hands. The stock had previously closed at $41.86.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WIX. Barclays cut their price objective on Wix.com from $155.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. JPMorgan Chase & Co. decreased their target price on shares of Wix.com from $86.00 to $62.00 and set an “underweight” rating on the stock in a research report on Thursday, June 18th. Citigroup lowered their target price on shares of Wix.com from $66.00 to $59.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. Wells Fargo & Company dropped their price target on shares of Wix.com from $54.00 to $47.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 9th. Finally, Benchmark reissued a “buy” rating on shares of Wix.com in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.75.

Wix.com Price Performance

The stock has a 50 day moving average price of $60.56 and a two-hundred day moving average price of $78.29. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of -52.82 and a beta of 0.92.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings data 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 firm had revenue of $541.17 million during the quarter, compared to analysts’ expectations of $544.04 million. During the same quarter in the prior year, the firm posted $1.69 EPS. Wix.com’s quarterly revenue was up 14.2% compared to the same quarter last year. As a group, research analysts expect that Wix.com Ltd. will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Wix.com

Several hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in shares of Wix.com by 122.2% in the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 132 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Wix.com in the fourth quarter valued at approximately $27,000. Geneos Wealth Management Inc. increased its stake in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the period. Employees Retirement System of Texas increased its stake in Wix.com by 129.9% during the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock worth $46,000 after buying an additional 252 shares during the period. Finally, Banque Cantonale Vaudoise lifted its holdings in Wix.com by 464.8% during the 4th quarter. Banque Cantonale Vaudoise now owns 497 shares of the information services provider’s stock worth $52,000 after buying an additional 409 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.