Wix.com (NASDAQ:WIX) Shares Down 5.1% - Here's What Happened

Key Points

• Wix shares fell 5.1% in Monday midday trading, closing around $72.25; trading volume was about 91% below its average.
• Analysts collectively rate the stock Hold, with a consensus price target of $93.43. Eleven analysts rate it Buy, ten Hold and two Sell.
• Company insiders purchased 2,622 shares worth about $157,000 over the past quarter, while hedge funds and other institutions own 81.52% of the stock.

Wix.com Ltd. (NASDAQ:WIX - Get Free Report)'s stock price fell 5.1% during mid-day trading on Monday. The company traded as low as $72.71 and last traded at $72.2460. Approximately 167,680 shares changed hands during trading, a decline of 91% from the average daily volume of 1,913,123 shares. The stock had previously closed at $76.09.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Citigroup reissued a "neutral" rating on shares of Wix.com in a research note on Wednesday, August 12th. Benchmark reiterated a "buy" rating on shares of Wix.com in a research note on Wednesday, August 26th. UBS Group set a $110.00 price objective on Wix.com in a research report on Monday, October 26th. Morgan Stanley downgraded shares of Wix.com from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $112.00 to $60.00 in a research report on Tuesday, July 21st. Finally, Needham & Company LLC upped their price target on shares of Wix.com from $80.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, September 23rd. Eleven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $93.43.

Wix.com Trading Down 4.8%

The stock has a 50 day moving average of $77.72 and a 200-day moving average of $70.47. The company has a market capitalization of $4.22 billion, a P/E ratio of -20.56, a P/E/G ratio of 36.17 and a beta of 1.06.

Insider Transactions at Wix.com

In other news, CFO Lior Shemesh acquired 456 shares of the firm's stock in a transaction dated Monday, August 31st. The shares were purchased at an average cost of $59.89 per share, for a total transaction of $27,309.84. Following the transaction, the chief financial officer directly owned 221,567 shares of the company's stock, valued at approximately $13,269,647.63. This trade represents a 0.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Omer Shai bought 490 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average price of $59.89 per share, for a total transaction of $29,346.10. Following the purchase, the chief marketing officer owned 515,879 shares in the company, valued at $30,895,993.31. This represents a 0.10% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 2,622 shares of company stock valued at $157,032. Company insiders own 6.20% of the company's stock.

Hedge Funds Weigh In On Wix.com

Several large investors have recently made changes to their positions in the business. Senvest Management LLC raised its stake in Wix.com by 24.8% during the 1st quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider's stock valued at $338,184,000 after purchasing an additional 746,200 shares during the period. Hsbc Holdings PLC boosted its stake in Wix.com by 11,894.0% in the 1st quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider's stock worth $318,676,000 after purchasing an additional 3,500,047 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Wix.com by 57.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,585,962 shares of the information services provider's stock valued at $142,848,000 after buying an additional 578,729 shares in the last quarter. OMERS ADMINISTRATION Corp raised its position in shares of Wix.com by 7,102.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider's stock valued at $62,623,000 after buying an additional 685,614 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Wix.com by 52.1% during the first quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider's stock valued at $51,885,000 after buying an additional 197,200 shares during the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based platform that enables individuals, businesses and organizations to create and manage websites. Its tools include customizable templates, a visual website editor and hosting, allowing users to build sites without advanced coding skills or develop more customized experiences.

The company also offers services for online businesses, including e-commerce features, appointment booking, payments, marketing tools and website analytics. Its products are designed to help customers manage multiple aspects of their online presence through one platform.

Founded in 2006, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.

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