WIX - 1 Forgotten Internet Stock Darling Rebounded 60% in 2023 -- Is It Too Late to Buy for 2024?
2023-12-25 07:20:00 ET
We've come a long way from 2020 and 2021 when digital economy stocks were soaring to impossible heights. Some of these stocks have ceased to exist. Others have fallen hard as the economy has reopened and rebuilt from the worst effects of the pandemic. And some forgotten companies are quietly making comebacks.
I almost forgot I had left shares of Wix.com (NASDAQ: WIX) in my portfolio, and I'm glad I did. The former website building and internet stock darling rebounded some 60% in 2023. Though the stock price does remain down nearly 70% from all-time highs reached in early 2021, management has put in the hard work and has Wix well on its way to sustainable growth. Far from being too late, Wix stock could actually be a solid buy for 2024.
Wix isn't the fast-growing website builder and site management toolset it was in 2020 and 2021. That said, it's still making some notable waves in the e-commerce ocean. Revenue growth has been steadily reaccelerating throughout 2023, as management said it would.
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1 Forgotten Internet Stock Darling Rebounded 60% in 2023 -- Is It Too Late to Buy for 2024?