Hidden Lake Asset Management LP Makes New $13.74 Million Investment in Wix.com Ltd. $WIX

Hidden Lake Asset Management LP bought a new position in Wix.com Ltd. (NASDAQ:WIX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 77,336 shares of the information services provider’s stock, valued at approximately $13,737,000. Wix.com comprises 1.8% of Hidden Lake Asset Management LP’s portfolio, making the stock its 5th biggest holding. Hidden Lake Asset Management LP owned approximately 0.14% of Wix.com as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in WIX. Westside Investment Management Inc. grew its holdings in shares of Wix.com by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after purchasing an additional 77 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in 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 last quarter. MAI Capital Management lifted its stake in Wix.com by 109.1% in the 3rd quarter. MAI Capital Management now owns 366 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 191 shares during the last quarter. New Age Alpha Advisors LLC boosted its position in Wix.com by 100.0% in the third quarter. New Age Alpha Advisors LLC now owns 690 shares of the information services provider’s stock valued at $116,000 after buying an additional 345 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Wix.com by 508.6% in the second quarter. Tower Research Capital LLC TRC now owns 779 shares of the information services provider’s stock valued at $123,000 after buying an additional 651 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on WIX. Wells Fargo & Company dropped their price target on 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 upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Evercore lowered their target price on Wix.com from $250.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, November 20th. Robert W. Baird downgraded Wix.com from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $115.00 to $90.00 in a research report on Monday, March 9th. Finally, Needham & Company LLC cut their price target on Wix.com from $140.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $134.90.

Wix.com Trading Up 1.4%

Shares of Wix.com stock opened at $88.09 on Monday. The business has a 50-day moving average price of $81.63 and a two-hundred day moving average price of $114.11. Wix.com Ltd. has a 1-year low of $60.22 and a 1-year high of $191.24. The company has a market cap of $5.14 billion, a P/E ratio of 108.75, a PEG ratio of 2.83 and a beta of 1.40.

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

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

Wix.com 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.