Wix.com (NASDAQ:WIX) Announces Earnings Results, Beats Estimates By $0.35 EPS

Wix.com (NASDAQ:WIX) issued its earnings results on Wednesday. The information services provider reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.35, Briefing.com reports. Wix.com had a net margin of 4.20% and a negative return on equity of 59.67%. The business had revenue of $435.70 million for the quarter, compared to analysts’ expectations of $442.88 million. During the same quarter in the previous year, the firm posted $0.58 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Wix.com updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Wix.com Stock Down 0.8 %

Shares of Wix.com stock traded down $1.27 during trading on Friday, reaching $162.45. The company’s stock had a trading volume of 329,457 shares, compared to its average volume of 612,127. Wix.com has a 52-week low of $76.90 and a 52-week high of $178.65. The firm’s 50-day moving average is $160.81 and its two-hundred day moving average is $143.90. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 142.50, a PEG ratio of 3.71 and a beta of 1.47.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America upped their price target on Wix.com from $153.00 to $183.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Jefferies Financial Group increased their target price on shares of Wix.com from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, May 20th. Piper Sandler restated a “neutral” rating and set a $184.00 price target on shares of Wix.com in a research report on Thursday. Oppenheimer increased their price objective on Wix.com from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. Finally, Royal Bank of Canada boosted their target price on Wix.com from $160.00 to $190.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $183.56.

Wix.com Company Profile

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.