Wix.com (NASDAQ:WIX) Trading Up 5.5% – Here’s What Happened

Wix.com Ltd. (NASDAQ:WIX)’s share price was up 5.5% on Tuesday . The company traded as high as $105.25 and last traded at $105.9850. Approximately 129,164 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,232,300 shares. The stock had previously closed at $100.50.

Analyst Upgrades and Downgrades

WIX has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price target on shares of Wix.com from $216.00 to $184.00 and set an “overweight” rating for the company in a report on Thursday, November 20th. Wall Street Zen lowered Wix.com from a “buy” rating to a “hold” rating in a research note on Saturday, November 22nd. Scotiabank dropped their price objective on shares of Wix.com from $255.00 to $175.00 and set a “sector outperform” rating for the company in a research note on Thursday, November 20th. Morgan Stanley cut their price target on shares of Wix.com from $200.00 to $181.00 and set an “overweight” rating for the company in a research note on Thursday, November 20th. Finally, Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Wix.com has an average rating of “Moderate Buy” and an average target price of $179.81.

Wix.com Trading Up 4.2%

The company has a market cap of $5.88 billion, a price-to-earnings ratio of 45.00, a price-to-earnings-growth ratio of 1.98 and a beta of 1.42. The firm’s fifty day moving average price is $127.01 and its 200-day moving average price is $142.90.

Wix.com announced that its board has initiated a stock buyback plan on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Wix.com by 63.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares during the period. Westside Investment Management Inc. boosted its holdings in Wix.com by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the period. Smartleaf Asset Management LLC grew its stake in Wix.com by 8.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider’s stock valued at $161,000 after buying an additional 79 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Wix.com by 28.4% in the 1st quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider’s stock valued at $81,000 after buying an additional 109 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in Wix.com by 25.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 597 shares of the information services provider’s stock valued at $95,000 after acquiring an additional 121 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

About Wix.com

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.