Hidden Lake Asset Management LP Invests $13.74 Million in Wix.com Ltd. $WIX

Hidden Lake Asset Management LP acquired a new stake in Wix.com Ltd. (NASDAQ:WIX) in the 3rd quarter, Holdings Channel reports. The firm acquired 77,336 shares of the information services provider’s stock, valued at approximately $13,737,000. Wix.com comprises approximately 1.8% of Hidden Lake Asset Management LP’s investment portfolio, making the stock its 5th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC grew its holdings in Wix.com by 36.6% in the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after purchasing an additional 436 shares during the period. Woodline Partners LP raised its holdings in shares of Wix.com by 9.7% during the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock valued at $374,000 after purchasing an additional 202 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Wix.com by 632.4% during the first 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. Vise Technologies Inc. bought a new position in shares of Wix.com during the 2nd quarter worth about $257,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Wix.com by 111.2% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 54,422 shares of the information services provider’s stock valued at $8,624,000 after buying an additional 28,654 shares during the period. 81.52% of the stock is owned by institutional investors.

Wix.com Trading Up 1.4%

Shares of Wix.com stock opened at $88.09 on Monday. The company has a market capitalization of $5.14 billion, a P/E ratio of 108.75, a price-to-earnings-growth ratio of 2.83 and a beta of 1.40. The stock has a fifty day simple moving average of $81.63 and a 200 day simple moving average of $114.11. Wix.com Ltd. has a 12-month low of $60.22 and a 12-month high of $191.24.

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

Wix.com declared that its board has initiated a stock repurchase plan on Wednesday, January 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on WIX shares. Benchmark decreased their target price 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. Robert W. Baird cut Wix.com from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $115.00 to $90.00 in a research note on Monday, March 9th. Weiss Ratings downgraded Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Zacks Research raised Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Finally, Bank of America cut their target price on Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and an average price target of $134.90.

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.