Wix.com Ltd. (WIX) Rating Lowered to Neutral at JPMorgan Chase & Co.
Wix.com Ltd. (NASDAQ:WIX) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Wednesday. They presently have a $50.00 target price on the stock, up from their prior target price of $46.00. JPMorgan Chase & Co.’s price objective suggests a potential upside of 10.04% from the company’s current price.
WIX has been the topic of a number of other research reports. Deutsche Bank AG reiterated a “buy” rating and set a $33.00 target price on shares of Wix.com in a research report on Thursday, June 9th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Wix.com in a report on Thursday, June 9th. Bank of America Corp. restated a “buy” rating and set a $33.00 price objective on shares of Wix.com in a report on Thursday, June 9th. Oppenheimer Holdings Inc. upped their price objective on shares of Wix.com from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Thursday, June 9th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Wix.com in a report on Friday, June 10th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.18.
Wix.com (NASDAQ:WIX) opened at 45.44 on Wednesday. The company’s market cap is $1.87 billion. Wix.com has a 12 month low of $14.79 and a 12 month high of $49.49. The stock has a 50 day moving average of $40.30 and a 200-day moving average of $29.56.
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Wix.com (NASDAQ:WIX) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.03. The firm had revenue of $68.70 million for the quarter, compared to the consensus estimate of $66.69 million. Wix.com had a negative net margin of 22.58% and a negative return on equity of 1,997.56%. The company’s revenue for the quarter was up 41.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.21) EPS. Equities research analysts expect that Wix.com will post ($0.47) EPS for the current year.
A number of institutional investors have recently modified their holdings of the company. LMR Partners LLP acquired a new position in shares of Wix.com during the second quarter worth $442,000. Acadian Asset Management LLC acquired a new position in shares of Wix.com during the second quarter worth $1,500,000. Boothbay Fund Management LLC acquired a new position in shares of Wix.com during the first quarter worth $289,000. Renaissance Technologies LLC raised its position in shares of Wix.com by 35.8% in the first quarter. Renaissance Technologies LLC now owns 883,800 shares of the company’s stock worth $17,915,000 after buying an additional 232,800 shares in the last quarter. Finally, Granahan Investment Management Inc. MA acquired a new position in shares of Wix.com during the first quarter worth $7,261,000. Hedge funds and other institutional investors own 65.11% of the company’s stock.
Wix.com Company Profile
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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