Wix.com (WIX) Increases Despite Market Slip: Here's What You Need to Know
The most recent trading session ended with Wix.com (WIX) standing at $84.55, reflecting a +1.67% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily loss of 0.17%. Elsewhere, the Dow saw a downswing of 0.58%, while the tech-heavy Nasdaq appreciated by 0.27%.
The cloud-based web development company's shares have seen a decrease of 7.57% over the last month, not keeping up with the Computer and Technology sector's loss of 2.16% and the S&P 500's loss of 3.95%.
Market participants will be closely following the financial results of Wix.com in its upcoming release. The company plans to announce its earnings on November 9, 2023. It is anticipated that the company will report an EPS of $0.73, marking a 1116.67% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $389.47 million, indicating a 12.62% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.35 per share and revenue of $1.55 billion. These totals would mark changes of +2070.59% and +11.84%, respectively, from last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Wix.com. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Wix.com holds a Zacks Rank of #1 (Strong Buy).
Investors should also note Wix.com's current valuation metrics, including its Forward P/E ratio of 24.81. This denotes a premium relative to the industry's average Forward P/E of 22.92.
The Computers - IT Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 31, placing it within the top 13% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Wix.com Ltd. (WIX) : Free Stock Analysis Report
