Wix.com (NASDAQ:WIX) Reaches New 52-Week Low After Analyst Downgrade

Wix.com Ltd. (NASDAQ:WIX)’s share price reached a new 52-week low during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $210.00 to $170.00. Bank of America currently has a buy rating on the stock. Wix.com traded as low as $99.31 and last traded at $105.9990, with a volume of 2908156 shares. The stock had previously closed at $126.92.

Several other brokerages have also issued reports on WIX. Cfra Research upgraded Wix.com from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, August 12th. Piper Sandler boosted their target price 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. UBS Group lowered their price target on shares of Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Finally, Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Three 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.com, Wix.com currently has a consensus rating of “Buy” and an average price target of $212.21.

Institutional Investors Weigh In On Wix.com

Several hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. increased its holdings in Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after buying an additional 77 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new position in shares of Wix.com in the 1st 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 worth $41,000 after purchasing an additional 215 shares during the period. Finally, National Bank of Canada FI purchased a new position in Wix.com during the third quarter worth approximately $54,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Down 16.5%

The company’s 50-day moving average price is $149.14 and its 200-day moving average price is $150.37. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 36.84, a price-to-earnings-growth ratio of 2.32 and a beta of 1.31.

Wix.com announced that its board has initiated a share buyback program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.