Wix.com (NASDAQ:WIX) Shares Break Above 50-Day Moving Average – Here’s What Happened

Wix.com Ltd. (NASDAQ:WIX)’s share price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $78.02 and traded as high as $81.03. Wix.com shares last traded at $80.52, with a volume of 718,952 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WIX shares. Wall Street Zen raised Wix.com from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Evercore set a $95.00 target price on Wix.com in a research report on Tuesday, August 4th. Citigroup reissued a “neutral” rating on shares of Wix.com in a research note on Wednesday, August 12th. Wells Fargo & Company boosted their price target on shares of Wix.com from $46.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. Finally, Wedbush upped their price objective on shares of Wix.com from $55.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Eleven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Wix.com has a consensus rating of “Hold” and a consensus price target of $93.43.

Wix.com Stock Up 7.8%

The stock has a market capitalization of $4.70 billion, a PE ratio of -22.75, a PEG ratio of 35.51 and a beta of 1.06. The company has a 50-day moving average of $78.02 and a 200 day moving average of $70.49.

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

Insider Buying and Selling at Wix.com

In other news, insider Shelly B. Meyer sold 479 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $95.00, for a total value of $45,505.00. Following the transaction, the insider directly owned 183,010 shares of the company’s stock, valued at approximately $17,385,950. This trade represents a 0.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CMO Omer Shai purchased 490 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was acquired at an average cost of $59.89 per share, for a total transaction of $29,346.10. Following the completion of the purchase, the chief marketing officer owned 515,879 shares of the company’s stock, valued at approximately $30,895,993.31. This represents a 0.10% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 2,622 shares of company stock valued at $157,032. 6.20% of the stock is owned by company insiders.

Institutional Trading of Wix.com

Several large investors have recently bought and sold shares of the business. Engineers Gate Manager LP raised its holdings in Wix.com by 378.0% in the 2nd quarter. Engineers Gate Manager LP now owns 34,750 shares of the information services provider’s stock valued at $1,577,000 after acquiring an additional 27,480 shares during the last quarter. Empowered Funds LLC purchased a new position in Wix.com in the 1st quarter worth approximately $2,381,000. Readystate Asset Management LP acquired a new position in shares of Wix.com during the 2nd quarter worth approximately $485,000. Renaissance Technologies LLC boosted its holdings in shares of Wix.com by 52.1% during the 1st quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider’s stock worth $51,885,000 after purchasing an additional 197,200 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Wix.com by 155.6% during the 1st quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider’s stock worth $11,054,000 after purchasing an additional 74,716 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based web development and digital business platform that enables individuals, entrepreneurs and organizations to create, manage and grow an online presence. The company provides website templates, a visual drag-and-drop editor, hosting, domain registration and tools for building websites without requiring advanced coding skills.

Wix offers products and services for a range of business needs, including e-commerce, online bookings, payments, marketing, customer relationship management and business communications.