VELA Investment Management LLC Reduces Stock Holdings in Wix.com Ltd. $WIX

Key Points

• VELA Investment Management cut its Wix.com stake by 95.5% in the second quarter, selling 120,173 shares and retaining 5,622 shares valued at approximately $255,000. Institutional investors collectively own 81.52% of Wix.com.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $90.57. Recent target prices range from $60 to $85, while 11 analysts rate the stock Buy, 10 Hold, and 2 Sell.
• Wix.com exceeded quarterly expectations, reporting adjusted earnings of $1.39 per share versus the $1.13 estimate and revenue of $563.06 million, up 14.9% year over year. The stock opened at $76.21, compared with a 52-week range of $40.16 to $190.93.

VELA Investment Management LLC reduced its position in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 95.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,622 shares of the information services provider's stock after selling 120,173 shares during the period. VELA Investment Management LLC's holdings in Wix.com were worth $255,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted 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 valued at $25,000 after purchasing an additional 132 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after buying an additional 215 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of Wix.com during the 3rd quarter valued at approximately $54,000. Employees Retirement System of Texas raised its position in shares of Wix.com by 129.9% during the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider's stock valued at $46,000 after buying an additional 252 shares during the period. Finally, Wexford Capital LP acquired a new position in Wix.com in the third quarter valued at approximately $88,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Oppenheimer cut their target price on Wix.com from $115.00 to $85.00 and set an "outperform" rating for the company in a research note on Thursday, May 14th. Wells Fargo & Company upped their price target on Wix.com from $46.00 to $64.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 5th. Raymond James Financial downgraded Wix.com from a "strong-buy" rating to an "outperform" rating and cut their price objective for the stock from $75.00 to $70.00 in a research report on Thursday, July 30th. Wedbush upped their target price on shares of Wix.com from $55.00 to $80.00 and gave the company a "neutral" rating in a research report on Thursday, August 20th. Finally, Royal Bank Of Canada lifted their price target on shares of Wix.com from $45.00 to $60.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Wix.com presently has a consensus rating of "Hold" and a consensus price target of $90.57.

Wix.com Price Performance

Wix.com stock opened at $76.21 on Tuesday. Wix.com Ltd. has a 52-week low of $40.16 and a 52-week high of $190.93. The firm has a market cap of $4.44 billion, a PE ratio of -21.53, a price-to-earnings-growth ratio of 36.22 and a beta of 1.02. The company's 50 day moving average is $64.44 and its two-hundred day moving average is $66.88.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The information services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.26. The business had revenue of $563.06 million for the quarter, compared to analyst estimates of $552.56 million. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.19%.The company's revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.28 earnings per share. On average, equities research analysts anticipate that Wix.com Ltd. will post 0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Lior Shemesh purchased 456 shares of the stock in a transaction on Monday, August 31st. The stock was bought at an average price of $59.89 per share, for a total transaction of $27,309.84. Following the acquisition, the chief financial officer directly owned 221,567 shares of the company's stock, valued at approximately $13,269,647.63. The trade was a 0.21% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Shelly B. Meyer sold 479 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $95.00, for a total transaction of $45,505.00. Following the completion of the sale, the insider directly owned 183,010 shares in the company, valued at approximately $17,385,950. This represents a 0.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have bought 2,622 shares of company stock worth $157,032. Corporate insiders own 6.20% of the company's stock.

Wix.com 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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