Wix.com (NASDAQ:WIX) Price Target Cut to $62.00 by Analysts at JPMorgan Chase & Co.

Wix.com (NASDAQ:WIX) had its target price cut by JPMorgan Chase & Co. from $86.00 to $62.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 46.31% from the stock’s previous close.

Several other analysts have also recently issued reports on WIX. Oppenheimer cut their price objective on Wix.com from $115.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 14th. Raymond James Financial reiterated a “strong-buy” rating and issued a $100.00 target price on shares of Wix.com in a research report on Wednesday, March 4th. Scotiabank reiterated an “outperform” rating on shares of Wix.com in a report on Tuesday, June 9th. Wall Street Zen lowered Wix.com from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, Morgan Stanley reduced their price objective on Wix.com from $125.00 to $112.00 and set an “overweight” rating on the stock in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $96.75.

Wix.com Stock Performance

Shares of Wix.com stock traded up $0.33 during trading on Thursday, reaching $42.38. The company had a trading volume of 1,772,988 shares, compared to its average volume of 2,462,761. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -54.70 and a beta of 0.91. The firm’s fifty day moving average is $62.49 and its 200-day moving average is $79.42. Wix.com has a fifty-two week low of $40.51 and a fifty-two week high of $190.93.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings results on Wednesday, May 13th. The information services provider reported $0.68 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.53). The company had revenue of $541.17 million for the quarter, compared to the consensus estimate of $544.04 million. Wix.com had a negative return on equity of 33.28% and a negative net margin of 1.97%.The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.69 EPS. On average, research analysts anticipate that Wix.com will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Wix.com

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its holdings in shares of Wix.com by 36.6% in the 1st quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after purchasing an additional 436 shares during the last quarter. Woodline Partners LP grew its stake in Wix.com by 9.7% during the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after buying an additional 202 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the last quarter. Cetera Investment Advisers increased its position in Wix.com by 18.9% in the second quarter. Cetera Investment Advisers now owns 1,853 shares of the information services provider’s stock worth $294,000 after buying an additional 295 shares during the period. Finally, American Century Companies Inc. increased its position in Wix.com by 29.5% in the second quarter. American Century Companies Inc. now owns 6,930 shares of the information services provider’s stock worth $1,098,000 after buying an additional 1,580 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.