Short Interest in Wix.com Ltd. (NASDAQ:WIX) Expands By 101.1%

Wix.com Ltd. (NASDAQ:WIX) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 9,216,647 shares, an increase of 101.1% from the March 15th total of 4,583,517 shares. Based on an average daily volume of 3,015,704 shares, the short-interest ratio is presently 3.1 days. Approximately 16.8% of the company’s stock are short sold.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $65.13 on Monday. The business has a fifty day simple moving average of $79.77 and a 200 day simple moving average of $103.03. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 80.41, a PEG ratio of 2.24 and a beta of 1.26. Wix.com has a one year low of $60.22 and a one year high of $191.24.

Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. The business had revenue of $524.27 million during 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%.Wix.com’s revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 earnings per share. On average, research analysts anticipate that Wix.com will post 3.65 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Robert W. Baird lowered shares of 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. Wells Fargo & Company reduced their price objective on shares of Wix.com from $176.00 to $137.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Piper Sandler started coverage on Wix.com in a report on Thursday, March 12th. They issued a “neutral” rating and a $98.00 target price for the company. Finally, Barclays reduced their target price on Wix.com from $160.00 to $155.00 and set an “overweight” rating for the company in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $128.45.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its position 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 worth $823,813,000 after purchasing an additional 2,606,204 shares in the last quarter. Wellington Management Group LLP raised 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 acquiring an additional 1,609,989 shares in the last quarter. Senvest Management LLC raised 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 acquiring an additional 519,805 shares in the last quarter. Lone Pine Capital LLC acquired a new position in Wix.com during the second quarter worth $342,485,000. Finally, Dorsal Capital Management LP raised its stake in Wix.com by 50.0% during the third quarter. Dorsal Capital Management LP now owns 1,575,000 shares of the information services provider’s stock worth $279,767,000 after acquiring an additional 525,000 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.