Wix.com Ltd. (NASDAQ:WIX) Short Interest Update

Wix.com Ltd. (NASDAQ:WIX) saw a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 4,583,517 shares, a drop of 17.2% from the February 26th total of 5,533,285 shares. Approximately 8.4% of the shares of the company are short sold. Based on an average daily trading volume, of 3,139,208 shares, the short-interest ratio is currently 1.5 days.

Wix.com Price Performance

NASDAQ WIX opened at $87.14 on Monday. The company’s 50 day simple moving average is $80.81 and its two-hundred day simple moving average is $109.90. Wix.com has a 1 year low of $60.22 and a 1 year high of $191.24. The stock has a market capitalization of $5.08 billion, a PE ratio of 107.58, a P/E/G ratio of 2.86 and a beta of 1.40.

Wix.com (NASDAQ:WIX) last announced its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. The business had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.10 EPS. On average, research analysts anticipate that Wix.com will post 3.65 EPS for the current year.

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

Institutional Trading of Wix.com

A number of hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. increased its stake in Wix.com by 128.3% in the third quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after acquiring an additional 2,606,204 shares during the last quarter. Wellington Management Group LLP lifted its stake in Wix.com by 90.4% during the third quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock worth $602,270,000 after purchasing an additional 1,609,989 shares during the last quarter. Senvest Management LLC lifted its stake in Wix.com by 20.9% during the fourth quarter. Senvest Management LLC now owns 3,008,480 shares of the information services provider’s stock worth $312,551,000 after purchasing an additional 519,805 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Wix.com in the 2nd quarter worth about $342,485,000. Finally, Dorsal Capital Management LP boosted its holdings in shares of Wix.com by 50.0% in the 3rd quarter. Dorsal Capital Management LP now owns 1,575,000 shares of the information services provider’s stock worth $279,767,000 after purchasing an additional 525,000 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WIX has been the topic of a number of analyst reports. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Oppenheimer cut their price target on Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Benchmark reduced their price target on Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Wall Street Zen lowered Wix.com from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Robert W. Baird cut Wix.com from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $115.00 to $90.00 in a report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.15.

About Wix.com

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.