Wix.com Ltd. (NASDAQ:WIX) Short Interest Update

Key Points

• Wix.com experienced a 21.5% increase in short interest for August, reaching a total of 3,160,000 shares, with about 5.9% of its stock currently sold short.
• Institutional investors own 81.52% of Wix.com's stock, with significant increases in positions from firms like Ameriprise Financial and Lone Pine Capital in the second quarter.
• Wix.com reported a quarterly earnings per share of $2.28, surpassing estimates, and announced a $200 million stock buyback program that reflects management's belief in the undervaluation of its shares.

Wix.com Ltd. (NASDAQ:WIX - Get Free Report) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 3,160,000 shares, an increase of 21.5% from the August 15th total of 2,600,000 shares. Currently, 5.9% of the company's shares are sold short. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 2.3 days. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 5.9% of the company's shares are sold short.

Hedge Funds Weigh In On Wix.com

A number of hedge funds have recently bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. raised its holdings in Wix.com by 63.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after buying an additional 66 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of Wix.com during the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. raised its holdings in Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after acquiring an additional 215 shares during the last quarter. Blue Trust Inc. lifted its position in Wix.com by 47.8% in the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider's stock valued at $65,000 after acquiring an additional 132 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in Wix.com during the 2nd quarter valued at $77,000. Institutional investors own 81.52% of the company's stock.

Analyst Upgrades and Downgrades

WIX has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 target price on shares of Wix.com in a research note on Wednesday, June 18th. JPMorgan Chase & Co. lowered their price objective on Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Raymond James Financial restated a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. B. Riley reiterated a "buy" rating and set a $230.00 price target (down from $240.00) on shares of Wix.com in a report on Wednesday, May 28th. Finally, Wall Street Zen cut shares of Wix.com from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $215.63.

Wix.com Stock Down 0.6%

Shares of NASDAQ:WIX traded down $1.18 during midday trading on Friday, reaching $182.12. The company's stock had a trading volume of 1,915,467 shares, compared to its average volume of 2,128,919. The firm has a 50 day moving average of $144.76 and a 200-day moving average of $156.73. The firm has a market capitalization of $10.22 billion, a P/E ratio of 64.81, a PEG ratio of 3.50 and a beta of 1.30. Wix.com has a 12-month low of $114.89 and a 12-month high of $247.11.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping 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 business had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. During the same quarter in the prior year, the company earned $1.67 earnings per share. The business's revenue was up 12.4% compared to the same quarter last year. On average, research analysts predict that Wix.com will post 3.65 EPS for the current year.

Wix.com declared that its board has initiated a stock repurchase program on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

About Wix.com

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.