Wix.com (NASDAQ:WIX) Sets New 12-Month Low Following Analyst Downgrade

Wix.com Ltd. (NASDAQ:WIX)’s stock price reached a new 52-week low during trading on Wednesday after Bank of America lowered their price target on the stock from $210.00 to $170.00. Bank of America currently has a buy rating on the stock. Wix.com traded as low as $99.31 and last traded at $105.9990, with a volume of 2908156 shares changing hands. The stock had previously closed at $126.92.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. cut their target price on Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Piper Sandler upped their price objective on shares of Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 26th. Barclays set a $235.00 target price on shares of Wix.com and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Finally, Scotiabank set a $255.00 price target on shares of Wix.com and gave the stock a “sector outperform” rating in a report on Thursday, August 7th. Three 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 currently has a consensus rating of “Buy” and a consensus target price of $212.21.

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently made changes to their positions in WIX. GC Wealth Management RIA LLC purchased a new position in Wix.com in the second quarter valued at $417,000. ARK Investment Management LLC increased its holdings in Wix.com by 28.2% during the 2nd quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock worth $1,631,000 after purchasing an additional 2,266 shares during the period. Nordea Investment Management AB increased its holdings in Wix.com by 45.8% during the 2nd quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock worth $2,017,000 after purchasing an additional 3,973 shares during the period. Phoenix Financial Ltd. raised its position in Wix.com by 38.4% in the 2nd quarter. Phoenix Financial Ltd. now owns 205,258 shares of the information services provider’s stock valued at $32,525,000 after purchasing an additional 57,000 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of Wix.com in the 2nd quarter valued at about $2,270,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Trading Down 16.5%

The firm has a market cap of $5.95 billion, a PE ratio of 36.84, a PEG ratio of 2.32 and a beta of 1.31. The firm has a 50 day moving average price of $149.14 and a 200-day moving average price of $150.37.

Wix.com declared that its Board of Directors has initiated a share repurchase program on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.