Stock Traders Purchase Large Volume of Wix.com Call Options (NASDAQ:WIX)

Wix.com Ltd. (NASDAQ:WIX) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 8,087 call options on the company. This is an increase of 287% compared to the average volume of 2,090 call options.

Wix.com Stock Performance

NASDAQ:WIX opened at $175.00 on Thursday. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 74.47, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. Wix.com has a one year low of $117.58 and a one year high of $247.11. The business’s 50-day simple moving average is $218.64 and its 200 day simple moving average is $195.97.

Wix.com declared that its board has approved a stock buyback 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 generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently made changes to their positions in WIX. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the fourth quarter valued at $43,000. Avior Wealth Management LLC increased its position in shares of Wix.com by 79.5% in the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after purchasing an additional 89 shares during the last quarter. Global Retirement Partners LLC raised 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 valued at $47,000 after purchasing an additional 58 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Wix.com during the fourth quarter worth about $52,000. Finally, Advisors Asset Management Inc. grew its stake in Wix.com by 112.1% in the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after purchasing an additional 130 shares in the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WIX has been the subject of a number of research analyst reports. Benchmark upped their price objective on shares of Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Cantor Fitzgerald upped their price target on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. B. Riley lifted their price target on shares of Wix.com from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $248.00 to $276.00 in a report on Monday, January 13th. Finally, Robert W. Baird increased their target price on Wix.com from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $243.74.

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.