Wix.com (NASDAQ:WIX) Shares Up 6.4% – Time to Buy?

Wix.com Ltd. (NASDAQ:WIX) rose 6.4% on Wednesday . The stock traded as high as $108.68 and last traded at $108.4890. Approximately 369,182 shares changed hands during trading, a decline of 70% from the average daily volume of 1,233,037 shares. The stock had previously closed at $101.95.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WIX. Bank of America decreased their target price on Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, November 19th. Morgan Stanley cut their price target on Wix.com from $200.00 to $181.00 and set an “overweight” rating for the company in a report on Thursday, November 20th. Piper Sandler raised their price objective on shares of Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Wells Fargo & Company dropped their target price on shares of Wix.com from $216.00 to $184.00 and set an “overweight” rating on the stock in a research report on Thursday, November 20th. Finally, Zacks Research upgraded shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and an average price target of $180.05.

Wix.com Price Performance

The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 45.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.42. The business has a 50 day moving average of $120.89 and a 200 day moving average of $140.85.

Institutional Trading of Wix.com

Institutional investors have recently made changes to their positions in the business. Westside Investment Management Inc. raised its position in Wix.com by 100.0% in the third 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. Northwestern Mutual Wealth Management Co. boosted its holdings in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of Wix.com in the 1st quarter valued at approximately $29,000. Geneos Wealth Management Inc. grew its stake in shares of Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 215 shares during the period. Finally, National Bank of Canada FI acquired a new position in shares of Wix.com in the 3rd quarter worth approximately $54,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.