Wix.com (NASDAQ:WIX) Reaches New 52-Week Low – Should You Sell?

Shares of Wix.com Ltd. (NASDAQ:WIX) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $70.94 and last traded at $72.3230, with a volume of 274334 shares changing hands. The stock had previously closed at $75.35.

Analyst Upgrades and Downgrades

WIX has been the topic of several recent research reports. Barclays decreased their target price on shares of Wix.com from $210.00 to $205.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. Cantor Fitzgerald lifted their price objective on Wix.com from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Royal Bank Of Canada set a $70.00 target price on Wix.com in a report on Wednesday, January 7th. Evercore decreased their price target on Wix.com from $250.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, November 20th. Finally, Citigroup dropped their price objective on Wix.com from $197.00 to $150.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $162.43.

Wix.com Stock Down 2.4%

The stock has a fifty day moving average of $92.91 and a 200-day moving average of $122.09. The firm has a market capitalization of $3.88 billion, a P/E ratio of 29.59, a PEG ratio of 2.24 and a beta of 1.42.

Wix.com declared that its board has authorized a stock repurchase program on Wednesday, January 28th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information services provider to buy up to 40.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Wix.com by 36.6% during the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock valued at $266,000 after acquiring an additional 436 shares during the period. Woodline Partners LP raised its holdings in Wix.com by 9.7% during the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after purchasing an additional 202 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares during the last quarter. Blue Trust Inc. lifted its position in Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 132 shares during the period. Finally, Aberdeen Group plc boosted its stake in shares of Wix.com by 24.8% in the 2nd quarter. Aberdeen Group plc now owns 4,991 shares of the information services provider’s stock valued at $791,000 after purchasing an additional 993 shares during the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

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.