Wix.com Ltd. (WIX) Cut to “Neutral” at JPMorgan Chase & Co.
Wix.com Ltd. (NASDAQ:WIX) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, StockTargetPrices.com reports. They currently have a $50.00 target price on the stock, up from their previous target price of $46.00. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 10.04% from the stock’s current price.
Other analysts have also issued research reports about the stock. Deutsche Bank AG boosted their price objective on shares of Wix.com from $33.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. boosted their price objective on shares of Wix.com from $37.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Zacks Investment Research lowered shares of Wix.com from a “buy” rating to a “hold” rating in a research report on Saturday, July 30th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Wix.com in a research report on Thursday, June 9th. Finally, RBC Capital Markets boosted their price objective on shares of Wix.com from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Wix.com presently has a consensus rating of “Buy” and a consensus price target of $39.18.
Wix.com (NASDAQ:WIX) opened at 45.44 on Wednesday. The company has a 50-day moving average of $40.30 and a 200-day moving average of $29.56. The firm’s market capitalization is $1.87 billion. Wix.com has a 1-year low of $14.79 and a 1-year high of $49.49.
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Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.03. Wix.com had a negative net margin of 22.58% and a negative return on equity of 1,997.56%. The firm had revenue of $68.70 million for the quarter, compared to analyst estimates of $66.69 million. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. The business’s revenue was up 41.4% on a year-over-year basis. On average, equities analysts predict that Wix.com will post ($0.47) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. LMR Partners LLP bought a new position in Wix.com during the second quarter valued at approximately $442,000. Acadian Asset Management LLC bought a new position in Wix.com during the second quarter valued at approximately $1,500,000. Boothbay Fund Management LLC bought a new position in Wix.com during the first quarter valued at approximately $289,000. Renaissance Technologies LLC increased its position in Wix.com by 35.8% in the first quarter. Renaissance Technologies LLC now owns 883,800 shares of the company’s stock valued at $17,915,000 after buying an additional 232,800 shares in the last quarter. Finally, Granahan Investment Management Inc. MA bought a new position in Wix.com during the first quarter valued at approximately $7,261,000. Hedge funds and other institutional investors own 65.11% of the company’s stock.
Wix.com Ltd. (Wix) is a Web development platform enabling businesses and organizations to take businesses, brands and workflow online. The Company provides solutions that business owners can use to operate various aspects of their business online, such as selling goods, taking reservations, and scheduling and confirming appointments.
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