Hsbc Holdings PLC Purchases 3,500,047 Shares of Wix.com Ltd. $WIX

Key Points

• HSBC Holdings PLC dramatically increased its stake in Wix.com during the first quarter, buying 3.5 million additional shares and bringing its total holding to 3.53 million shares worth about $318.7 million.
• Wix.com’s stock has attracted mixed analyst sentiment: the consensus rating remains “Moderate Buy”, but several firms have recently cut price targets, including Citigroup and Bank of America.
• The company reported Q1 earnings of $0.68 per share, missing expectations, while revenue of $541.2 million slightly missed estimates but still rose 14.2% year over year.

Hsbc Holdings PLC grew its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 11,894.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,529,474 shares of the information services provider's stock after buying an additional 3,500,047 shares during the quarter. Hsbc Holdings PLC owned 6.05% of Wix.com worth $318,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in Wix.com by 122.2% in the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider's stock worth $25,000 after acquiring an additional 132 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Wix.com during the 4th quarter valued at $27,000. Geneos Wealth Management Inc. boosted its stake in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock valued at $41,000 after purchasing an additional 215 shares during the last quarter. Employees Retirement System of Texas increased its holdings in shares of Wix.com by 129.9% in the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider's stock worth $46,000 after purchasing an additional 252 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its holdings in shares of Wix.com by 464.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 497 shares of the information services provider's stock worth $52,000 after purchasing an additional 409 shares in the last quarter. Institutional investors own 81.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WIX. Citigroup lowered their price target on Wix.com from $66.00 to $59.00 and set a "neutral" rating on the stock in a report on Tuesday, June 9th. Bank of America reduced their price objective on Wix.com from $136.00 to $109.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Scotiabank reissued an "outperform" rating on shares of Wix.com in a research report on Tuesday, June 9th. Oppenheimer lowered their target price on shares of Wix.com from $115.00 to $85.00 and set an "outperform" rating on the stock in a research note on Thursday, May 14th. Finally, Citizens Jmp downgraded shares of Wix.com from a "market outperform" rating to a "market perform" rating in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $96.70.

Wix.com Price Performance

WIX stock opened at $51.45 on Friday. Wix.com Ltd. has a 1 year low of $40.16 and a 1 year high of $190.93. The company has a market cap of $3.00 billion, a P/E ratio of -65.96 and a beta of 0.93. The stock's fifty day moving average price is $51.03 and its 200-day moving average price is $71.15.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The information services provider reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $1.21 by ($0.53). Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. The firm had revenue of $541.17 million for the quarter, compared to analysts' expectations of $544.04 million. During the same quarter last year, the company posted $1.69 EPS. The firm's revenue was up 14.2% compared to the same quarter last year. As a group, analysts expect that Wix.com Ltd. will post -0.17 earnings per share for the current year.

Wix.com Company Profile

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.

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