Wix.com Ltd. $WIX Holdings Raised by VELA Investment Management LLC

Key Points

• VELA Investment Management LLC increased its stake in Wix.com by 61.3%, bringing their total ownership to 30,432 shares, which represents 1.3% of their investment portfolio.
• Multiple institutional investors, including GC Wealth Management and Mirae Asset Global Investments, have recently modified their holdings, contributing to a total institutional ownership of 81.52% of Wix.com.
• Wix.com's recent earnings report showed an EPS of $2.28, exceeding expectations, with a 12.4% year-over-year revenue growth, indicating strong financial performance.

VELA Investment Management LLC grew its holdings in shares of Wix.com Ltd. (NASDAQ:WIX - Free Report) by 61.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,432 shares of the information services provider's stock after purchasing an additional 11,560 shares during the quarter. Wix.com comprises about 1.3% of VELA Investment Management LLC's investment portfolio, making the stock its 18th biggest position. VELA Investment Management LLC owned approximately 0.05% of Wix.com worth $4,822,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GC Wealth Management RIA LLC bought a new position in Wix.com in the 2nd quarter worth $417,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Wix.com by 31.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock valued at $830,000 after acquiring an additional 1,204 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Wix.com by 5.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,720 shares of the information services provider's stock valued at $5,185,000 after acquiring an additional 1,794 shares in the last quarter. Yousif Capital Management LLC boosted its position in shares of Wix.com by 4.9% during the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock valued at $299,000 after acquiring an additional 85 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in Wix.com in the first quarter valued at about $5,367,000. Institutional investors own 81.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Wix.com from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 11th. Needham & Company LLC lowered their target price on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Piper Sandler raised their price objective on shares of Wix.com from $206.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. JPMorgan Chase & Co. decreased their target price on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Wix.com in a research report on Tuesday, September 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $215.37.

Wix.com Stock Down 2.4%

Shares of Wix.com stock opened at $132.44 on Friday. Wix.com Ltd. has a twelve month low of $114.89 and a twelve month high of $247.11. The company has a 50-day simple moving average of $148.66 and a two-hundred day simple moving average of $154.48. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of 47.13, a price-to-earnings-growth ratio of 2.53 and a beta of 1.32.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.49. The business had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The business's revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.67 EPS. On average, sell-side analysts anticipate that Wix.com Ltd. will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its Board of Directors has approved a stock repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

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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