Short Interest in Wix.com Ltd. (NASDAQ:WIX) Drops By 17.2%

Wix.com Ltd. (NASDAQ:WIX) saw a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 4,583,517 shares, a drop of 17.2% from the February 26th total of 5,533,285 shares. Based on an average daily volume of 3,139,208 shares, the days-to-cover ratio is currently 1.5 days. Currently, 8.4% of the shares of the company are short sold.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIX. Westside Investment Management Inc. increased its stake in Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Wix.com by 7.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,707 shares of the information services provider’s stock valued at $172,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Wix.com by 122.2% during 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. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Wix.com by 2.2% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,666 shares of the information services provider’s stock worth $693,000 after purchasing an additional 142 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its stake in Wix.com by 18.7% in the 4th quarter. TD Private Client Wealth LLC now owns 940 shares of the information services provider’s stock worth $98,000 after buying an additional 148 shares during the period. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Benchmark decreased their target price on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Scotiabank dropped their price target on Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 5th. Zacks Research raised Wix.com from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. UBS Group reiterated a “buy” rating and set a $145.00 price objective on shares of Wix.com in a research report on Friday, March 6th. Finally, Piper Sandler assumed coverage on Wix.com in a report on Thursday, March 12th. They issued a “neutral” rating and a $98.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and an average price target of $131.15.

Wix.com Price Performance

Shares of NASDAQ:WIX opened at $90.07 on Wednesday. The company has a market capitalization of $5.25 billion, a P/E ratio of 111.20, a P/E/G ratio of 2.88 and a beta of 1.39. Wix.com has a 1-year low of $60.22 and a 1-year high of $191.24. The firm’s 50 day simple moving average is $81.24 and its two-hundred day simple moving average is $108.75.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company had revenue of $524.27 million for the quarter, compared to analysts’ expectations of $527.69 million. During the same period in the previous year, the firm earned $2.10 EPS. The firm’s revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its board has authorized a stock buyback plan on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.