Wix.com (NASDAQ:WIX) Releases Earnings Results, Beats Estimates By $0.35 EPS

Wix.com (NASDAQ:WIX) issued its quarterly earnings results on Wednesday. The information services provider reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.35, Briefing.com reports. Wix.com had a negative return on equity of 59.67% and a net margin of 4.20%. The firm had revenue of $435.70 million for the quarter, compared to the consensus estimate of $442.88 million. During the same period in the prior year, the business posted $0.58 earnings per share. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. Wix.com updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Wix.com Stock Down 0.8 %

Shares of WIX stock traded down $1.27 on Friday, hitting $162.45. The company had a trading volume of 329,457 shares, compared to its average volume of 612,127. The firm has a market cap of $8.91 billion, a P/E ratio of 142.50, a price-to-earnings-growth ratio of 3.71 and a beta of 1.47. Wix.com has a twelve month low of $76.90 and a twelve month high of $178.65. The company has a 50-day moving average price of $160.81 and a 200-day moving average price of $143.90.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. UBS Group raised their target price on shares of Wix.com from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday. KeyCorp initiated coverage on Wix.com in a report on Thursday, July 25th. They issued a “sector weight” rating for the company. Jefferies Financial Group raised their price target on Wix.com from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, May 20th. Piper Sandler reaffirmed a “neutral” rating and issued a $184.00 price objective on shares of Wix.com in a research note on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and set a $180.00 target price on shares of Wix.com in a report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Wix.com has an average rating of “Moderate Buy” and a consensus price target of $183.56.

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.