Wix.com (NASDAQ:WIX) Reaches New 12-Month Low – What’s Next?

Wix.com Ltd. (NASDAQ:WIX) reached a new 52-week low during trading on Wednesday . The company traded as low as $70.94 and last traded at $72.3230, with a volume of 274334 shares. The stock had previously closed at $75.35.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on WIX shares. Benchmark decreased their price target on shares of Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Barclays cut their price target on Wix.com from $210.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, January 21st. Morgan Stanley dropped their price objective on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Wells Fargo & Company reduced their price objective on shares of Wix.com from $184.00 to $176.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Finally, Bank of America dropped their price objective on Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $162.43.

Wix.com Trading Down 4.9%

The stock has a fifty day moving average of $94.15 and a two-hundred day moving average of $122.80. The company has a market capitalization of $4.02 billion, a PE ratio of 30.53, a PEG ratio of 2.37 and a beta of 1.42.

Wix.com announced that its board has initiated a stock repurchase plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information services provider to repurchase up to 40.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its position in Wix.com by 128.3% in the third quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after purchasing an additional 2,606,204 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Wix.com in the second quarter worth $342,485,000. Wellington Management Group LLP raised its holdings in Wix.com by 90.4% during 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 buying an additional 1,609,989 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Wix.com during the 4th quarter valued at $150,622,000. Finally, Durable Capital Partners LP bought a new stake in Wix.com in the 3rd quarter worth $183,286,000. 81.52% of the stock is currently 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.