Wix.com (NASDAQ:WIX) Hits New 12-Month Low on Analyst Downgrade

Key Points

• Wix.com shares hit a new 12-month low after UBS Group downgraded their price target from $230 to $200, despite maintaining a buy rating.
• Several analysts have reduced their target prices on Wix.com, with Bank of America lowering it from $270 to $230, while Raymond James set a $200 target price.
• Institutional investors currently own 81.52% of Wix.com, highlighting strong institutional interest, with significant increases in positions from various hedge funds in recent quarters.

Wix.com Ltd. (NASDAQ:WIX - Get Free Report) shares reached a new 52-week low during trading on Friday after UBS Group lowered their price target on the stock from $230.00 to $200.00. UBS Group currently has a buy rating on the stock. Wix.com traded as low as $124.50 and last traded at $124.24, with a volume of 794026 shares traded. The stock had previously closed at $133.49.

A number of other equities research analysts also recently issued reports on the stock. Bank of America cut their target price on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. Raymond James Financial set a $200.00 target price on Wix.com and gave the company a "strong-buy" rating in a research note on Thursday. Wall Street Zen lowered Wix.com from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Cfra Research cut Wix.com from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Barclays cut their price objective on shares of Wix.com from $240.00 to $235.00 and set an "overweight" rating on the stock in a research report on Thursday. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $218.26.

Institutional Trading of Wix.com

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after buying an additional 66 shares during the last quarter. Twin Tree Management LP bought a new position in Wix.com during the first quarter valued at about $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 valued at $41,000 after acquiring an additional 215 shares in the last quarter. Blue Trust Inc. raised its holdings 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, TD Private Client Wealth LLC lifted its position in shares of Wix.com by 183.3% in the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider's stock worth $78,000 after acquiring an additional 308 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Trading Down 5.8%

The company has a market cap of $7.06 billion, a price-to-earnings ratio of 44.35, a price-to-earnings-growth ratio of 2.05 and a beta of 1.27. The company has a fifty day moving average price of $152.44 and a two-hundred day moving average price of $173.37.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping the consensus estimate of $1.79 by $0.49. Wix.com had a negative return on equity of 129.27% and a net margin of 8.90%. The firm had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. During the same period last year, the business earned $1.67 earnings per share. Wix.com's quarterly revenue was up 12.4% compared to the same quarter last year. Sell-side analysts anticipate that Wix.com Ltd. will post 3.65 EPS for the current fiscal year.

Wix.com Company 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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