Investors Buy Large Volume of Call Options on Wix.com (NASDAQ:WIX)

Wix.com Ltd. (NASDAQ:WIX) was the target of some unusual options trading on Tuesday. Traders bought 8,087 call options on the company. This is an increase of approximately 287% compared to the typical volume of 2,090 call options.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Benchmark upped their price objective on Wix.com from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Piper Sandler raised their price target on shares of Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Jefferies Financial Group upped their price objective on shares of Wix.com from $225.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. B. Riley raised their target price on shares of Wix.com from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, StockNews.com downgraded Wix.com from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Wix.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Trading Up 2.1 %

Shares of WIX stock traded up $3.59 during trading hours on Tuesday, hitting $173.99. 443,401 shares of the company’s stock were exchanged, compared to its average volume of 584,832. Wix.com has a 12-month low of $117.58 and a 12-month high of $247.11. The business’s 50 day simple moving average is $220.20 and its 200-day simple moving average is $196.06. The company has a market capitalization of $9.54 billion, a PE ratio of 74.04, a PEG ratio of 2.83 and a beta of 1.64.

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

Institutional Trading of Wix.com

Institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its holdings in shares of Wix.com by 1.6% during the third quarter. Van ECK Associates Corp now owns 16,839 shares of the information services provider’s stock valued at $2,764,000 after acquiring an additional 261 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Wix.com by 7.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 22,305 shares of the information services provider’s stock valued at $3,729,000 after buying an additional 1,600 shares in the last quarter. GDS Wealth Management bought a new position in shares of Wix.com in the third quarter worth approximately $419,000. WCM Investment Management LLC bought a new position in shares of Wix.com in the third quarter worth about $5,027,000. Finally, Entropy Technologies LP grew its holdings in Wix.com by 19.2% during the 3rd quarter. Entropy Technologies LP now owns 4,959 shares of the information services provider’s stock valued at $829,000 after buying an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.