Wix.com Ltd. (NASDAQ:WIX) Sees Large Increase in Short Interest

Wix.com Ltd. (NASDAQ:WIX) saw a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 2,430,000 shares, an increase of 42.1% from the May 15th total of 1,710,000 shares. Based on an average daily trading volume, of 904,600 shares, the days-to-cover ratio is presently 2.7 days. Approximately 4.5% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 24th. Citigroup decreased their price objective on shares of Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Wells Fargo & Company decreased their price objective on shares of Wix.com from $176.00 to $173.00 and set an “equal weight” rating for the company in a research report on Thursday, May 22nd. Oppenheimer decreased their price objective on shares of Wix.com from $250.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Finally, Cfra Research cut shares of Wix.com from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $226.68.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after buying an additional 66 shares during the last quarter. Twin Tree Management LP purchased a new position in shares of Wix.com in the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. boosted 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 worth $41,000 after buying an additional 215 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after buying an additional 58 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Wix.com in the 4th quarter worth approximately $52,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $149.10 on Monday. The stock has a market capitalization of $8.37 billion, a P/E ratio of 63.45, a P/E/G ratio of 2.83 and a beta of 1.31. The company has a 50-day moving average price of $161.86 and a 200-day moving average price of $191.97. Wix.com has a 1 year low of $137.94 and a 1 year high of $247.11.

Wix.com declared that its Board of Directors has initiated a share repurchase plan on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

About Wix.com

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.