Hel Ved Capital Management Ltd has significantly reduced its stake in Wix.com Ltd (NASDAQ: WIX) by 31.7% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the firm now holds 10,350 shares of the website development platform after divesting 4,800 shares during this period. As of the end of June, Hel Ved’s holdings in Wix.com were valued at approximately $1,640,000.
This move comes as various institutional investors have been actively adjusting their positions in Wix.com. Notably, Northwestern Mutual Wealth Management Co. increased its stake by 63.5%, acquiring an additional 66 shares to reach a total of 170 shares, valued at $28,000. Similarly, Geneos Wealth Management Inc. made substantial gains, raising its position by an impressive 632.4%, now owning 249 shares worth $41,000 after purchasing an additional 215 shares.
Another notable entry was made by Twin Tree Management LP, which established a new position valued at about $29,000. In the same quarter, Blue Trust Inc. increased its stake by 47.8%, owning 408 shares valued at $65,000 after acquiring 132 shares. Additionally, Penserra Capital Management LLC purchased a new stake worth approximately $77,000. Currently, institutional investors and hedge funds own 81.52% of Wix.com’s stock.
Analyst Ratings and Market Performance
Recent analyst reports reflect a mixed outlook for Wix.com. Piper Sandler raised its price target for the stock from $206.00 to $210.00, maintaining an “overweight” rating in a report released on September 26, 2023. Conversely, Wall Street Zen downgraded Wix.com from a “buy” to a “hold” rating, while Zacks Research upgraded its stance from “strong sell” to “hold” on August 20, 2023. Cfra Research similarly upgraded Wix.com from a “hold” to a “moderate buy” on August 12, 2023. The consensus rating for Wix.com stands at “Moderate Buy,” with a target price averaging $179.81, according to MarketBeat.com.
As of Wednesday, shares of Wix.com opened at $94.48. The stock has faced volatility over the past year, with a low of $92.23 and a high of $247.11. With a market capitalization of $5.30 billion, Wix.com holds a P/E ratio of 40.38 and a P/E/G ratio of 1.77, alongside a beta of 1.31.
In a recent development, Wix.com announced a share buyback program on August 11, 2023, authorizing up to $200 million to repurchase outstanding shares. This initiative allows the company to buy back as much as 2.9% of its shares through open market purchases, suggesting that the board believes the stock is undervalued.
About Wix.com
Wix.com Ltd., along with its subsidiaries, operates as a cloud-based web development platform. The company provides tools like the Wix Editor, a drag-and-drop website building environment, and Wix ADI, which offers customization options for users. With a growing user base, Wix.com continues to enhance its offerings for creators and businesses worldwide.
For those interested in tracking institutional investments in Wix.com, updated information can be accessed through various financial platforms, including HoldingsChannel.com.
