JPMorgan Chase & Co. Issues Pessimistic Forecast for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $205.00 to $189.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 13.50% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Piper Sandler raised their price target on shares of Wix.com from $200.00 to $249.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada lifted their target price on Wix.com from $190.00 to $245.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. StockNews.com upgraded Wix.com from a “hold” rating to a “buy” rating in a research report on Saturday, November 23rd. Bank of America raised their price objective on Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Benchmark upped their target price on Wix.com from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $239.33.

Wix.com Price Performance

WIX traded down $9.28 during trading on Wednesday, hitting $218.50. 1,502,329 shares of the stock traded hands, compared to its average volume of 787,800. The business has a 50 day moving average price of $226.72 and a 200 day moving average price of $192.17. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The company has a market cap of $11.98 billion, a price-to-earnings ratio of 137.03, a PEG ratio of 2.49 and a beta of 1.58.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Wednesday, February 19th. The information services provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.69). Wix.com had a negative return on equity of 52.68% and a net margin of 5.47%. On average, equities research analysts predict that Wix.com will post 2.11 earnings per share for the current year.

Hedge Funds Weigh In On Wix.com

A number of hedge funds have recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Wix.com by 23.1% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 263,534 shares of the information services provider’s stock worth $44,055,000 after buying an additional 49,500 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Wix.com by 60.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 30,393 shares of the information services provider’s stock valued at $5,081,000 after acquiring an additional 11,497 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Wix.com in the fourth quarter worth approximately $256,000. Cumberland Partners Ltd raised its holdings in shares of Wix.com by 18.8% during the third quarter. Cumberland Partners Ltd now owns 19,000 shares of the information services provider’s stock valued at $3,176,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in Wix.com during the third quarter valued at approximately $461,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

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.