Wix.com (NASDAQ:WIX) Hits New 52-Week Low – Here’s What Happened

Wix.com Ltd. (NASDAQ:WIX) shares hit a new 52-week low during trading on Monday . The company traded as low as $63.35 and last traded at $63.8750, with a volume of 152776 shares traded. The stock had previously closed at $66.90.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Benchmark lowered their price objective on Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Raymond James Financial set a $74.00 price target on Wix.com in a research report on Wednesday, January 7th. Citizens Jmp cut their price objective on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. Wells Fargo & Company decreased their target price on shares of Wix.com from $184.00 to $176.00 and set an “overweight” rating for the company in a report on Friday, December 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Wix.com in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Wix.com has an average rating of “Moderate Buy” and an average target price of $156.30.

Wix.com Stock Down 3.5%

The stock has a market capitalization of $3.62 billion, a PE ratio of 27.52, a PEG ratio of 2.08 and a beta of 1.42. The firm’s fifty day moving average price is $88.76 and its two-hundred day moving average price is $119.01.

Wix.com announced that its board has approved a share repurchase plan on Wednesday, January 28th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Westside Investment Management Inc. lifted its holdings in Wix.com by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Wix.com by 7.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,707 shares of the information services provider’s stock valued at $172,000 after purchasing an additional 120 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Wix.com by 122.2% during the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock valued at $25,000 after buying an additional 132 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Wix.com by 2.2% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,666 shares of the information services provider’s stock valued at $693,000 after purchasing an additional 142 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Wix.com by 18.7% in the 4th quarter. TD Private Client Wealth LLC now owns 940 shares of the information services provider’s stock worth $98,000 after buying an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.