Elwood Capital Increases Wix.com Stake by $3.57 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Fool
- Share Increase: Elwood Capital Partners disclosed a purchase of 17,710 shares of Wix.com in an SEC filing on November 13, investing approximately $3.57 million, which brings its total holdings to 40,033 shares valued at $7.11 million, indicating confidence in the company.
- Asset Allocation: This increase positions Wix.com at 4.34% of Elwood Capital's 13F assets under management, highlighting its significance in the firm's diversified investment strategy.
- Financial Performance: Wix.com reported a 14% year-over-year revenue growth in Q3, reaching $505 million, with free cash flow of $127 million, or about 25% of revenue, demonstrating solid fundamentals despite a stock price decline of over 50%.
- Market Outlook: The AI-driven product Base44 is expected to generate at least $50 million in annual recurring revenue by year-end, with management optimistic about its growing market share, even as the overall stock performance remains weak.
WIX
$105.43+Infinity%1D
Analyst Views on WIX
Wall Street analysts forecast WIX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WIX is 178.61 USD with a low forecast of 135.00 USD and a high forecast of 210.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
20 Analyst Rating
19 Buy
1 Hold
0 Sell
Strong Buy
Current: 104.710
Low
135.00
Averages
178.61
High
210.00
Current: 104.710
Low
135.00
Averages
178.61
High
210.00
About WIX
Wix.com Ltd. (Wix) is an Israel-based company engaged in the provision of a web development platform enabling businesses and organizations to take businesses, brands, and workflow online. The Company provides solutions that business owners can use to operate various aspects of their business online, such as selling goods, taking reservations, and scheduling and confirming appointments. These applications provide Wix registered users a bespoke front-end for customers visiting their Website, as well as a back-end management dashboard. The Company has developed these software applications for businesses in specific verticals, including retail and online stores, service providers, hotel and property management, music, and restaurants. These vertical applications are integrated into the Company's Website templates or can be installed on any existing Website and set up by the user and without the need to write code.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
