Wix.com stock hits 52-week low at 137.18 USD

Wix (NASDAQ:WIX).com Ltd stock has reached a new 52-week low, hitting 137.18 USD. According to InvestingPro data, the company remains profitable with $148 million in net income and healthy revenue growth of ~13% over the last twelve months. This milestone reflects a challenging year for the company, as its stock has experienced a decline of 5.79% over the past 12 months. The drop to this new low underscores ongoing market pressures and investor sentiment surrounding the tech sector. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, while management has been actively buying back shares. As Wix.com continues to navigate a competitive landscape, stakeholders will be closely monitoring the company’s strategic moves and market performance in the coming months.

In other recent news, Wix.com has announced its second-quarter earnings report is scheduled for August 6, with Benchmark maintaining a Buy rating and a price target of $230.00 for the company. The company has also announced a significant price increase for its service plans, set to take effect on September 26, with hikes ranging from 21% to 61% across different tiers. In a strategic move, Wix has launched the AI Visibility Overview tool to enhance brand visibility in AI-powered search engines, marking a first for content management systems. Additionally, Wix has expanded its font library through a partnership with Monotype Imaging, adding popular typefaces like Helvetica and Avenir to its offerings. In collaboration news, Wix and Alibaba (NYSE:BABA) have formed a strategic partnership aimed at boosting global reach for small and medium-sized enterprises. This partnership allows Wix merchants to access Alibaba’s wholesale platform and Alibaba sellers to use Wix’s technology for building storefronts. Oppenheimer has reiterated an Outperform rating for Wix, with a price target of $220.00, following this partnership announcement. These developments reflect Wix’s ongoing efforts to enhance its platform and expand its market presence.

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