Wix.com (NASDAQ:WIX) Sees Large Volume Increase – Time to Buy?

Shares of Wix.com Ltd. (NASDAQ:WIX) saw strong trading volume on Thursday . 2,901,599 shares traded hands during mid-day trading, an increase of 14% from the previous session’s volume of 2,550,672 shares.The stock last traded at $87.09 and had previously closed at $90.50.

Wall Street Analyst Weigh In

Several analysts have commented on WIX shares. Citigroup dropped their target price on shares of Wix.com from $150.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Needham & Company LLC decreased their price objective on Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Morgan Stanley dropped their price objective on Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Royal Bank Of Canada cut their target price on Wix.com from $155.00 to $112.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Finally, Robert W. Baird lowered Wix.com from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $115.00 to $90.00 in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $128.70.

Wix.com Price Performance

The company has a market capitalization of $4.95 billion, a P/E ratio of 104.79, a PEG ratio of 3.10 and a beta of 1.26. The business’s 50-day moving average price is $81.46 and its two-hundred day moving average price is $108.62.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. The business had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 EPS. Research analysts expect that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently modified their holdings of WIX. Mediolanum International Funds Ltd increased its stake in Wix.com by 65.9% in the 3rd quarter. Mediolanum International Funds Ltd now owns 55,647 shares of the information services provider’s stock valued at $10,054,000 after buying an additional 22,112 shares during the last quarter. Liontrust Investment Partners LLP acquired a new position in shares of Wix.com during the 2nd quarter worth about $3,708,000. Massachusetts Financial Services Co. MA bought a new position in shares of Wix.com in the 3rd quarter valued at about $54,314,000. Principal Financial Group Inc. grew its holdings in shares of Wix.com by 2.6% in the 3rd quarter. Principal Financial Group Inc. now owns 948,263 shares of the information services provider’s stock valued at $168,446,000 after acquiring an additional 23,836 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Wix.com in the third quarter valued at about $6,179,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.