GC Wealth Management RIA LLC Makes New Investment in Wix.com Ltd. $WIX

Key Points

• GC Wealth Management RIA LLC has acquired a new position in Wix.com Ltd. by purchasing 2,631 shares valued at approximately $417,000 during the second quarter.
• Wix's stock is currently down 13.4%, with a market capitalization of $8.63 billion and a recent earnings report showing a 12.4% increase in revenue year-over-year.
• The company's board has approved a $200 million share buyback plan, indicating confidence in the stock's undervaluation, while several analysts have adjusted their price targets for Wix.com to around $200.

GC Wealth Management RIA LLC bought a new position in Wix.com Ltd. (NASDAQ:WIX - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,631 shares of the information services provider's stock, valued at approximately $417,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. TD Private Client Wealth LLC grew its stake in Wix.com by 25.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 597 shares of the information services provider's stock worth $95,000 after acquiring an additional 121 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in Wix.com in the 2nd quarter worth about $339,000. Diversified Trust Co grew its stake in Wix.com by 14.7% in the 2nd quarter. Diversified Trust Co now owns 18,618 shares of the information services provider's stock worth $2,950,000 after acquiring an additional 2,380 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Wix.com by 22.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,842 shares of the information services provider's stock worth $467,000 after acquiring an additional 528 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Wix.com by 5.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,720 shares of the information services provider's stock worth $5,185,000 after acquiring an additional 1,794 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors.

Wix.com Stock Down 13.4%

NASDAQ:WIX opened at $153.79 on Thursday. Wix.com Ltd. has a 52 week low of $114.89 and a 52 week high of $247.11. The firm has a 50 day moving average of $148.45 and a 200 day moving average of $156.80. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 3.41 and a beta of 1.31.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The company had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. During the same quarter in the prior year, the company posted $1.67 earnings per share. Wix.com's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, analysts expect that Wix.com Ltd. will post 3.65 EPS for the current year.

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

Analysts Set New Price Targets

A number of brokerages have commented on WIX. UBS Group dropped their target price on shares of Wix.com from $230.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Needham & Company LLC lowered their price target on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wix.com in a research report on Thursday, August 7th. Wells Fargo & Company raised shares of Wix.com from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $173.00 to $216.00 in a research report on Monday, June 16th. Finally, Piper Sandler upped their price target on shares of Wix.com from $206.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $215.37.

Wix.com 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.

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