WIX - Wix stock rallies on Q1 earnings: is it too late to buy?

2024-05-20 09:18:49 ET

It is not too yet too late to build a position in Wix.com Ltd (NASDAQ: WIX), says Mark Zgutowicz – a Benchmark analyst.

Wix stock could climb further to $175

Wix stock is up 10% this morning after beating Street estimates in its fiscal first quarter.

But shares of the website creator could extend their rally all the way up to $175, as per Zgutowicz. His price objective suggests another 18% upside from here.

Note that the Benchmark analyst has an accuracy rate of 66% – and he’s not the only one who’s keeping bullish on Wix.com. Investment firms including RBC Capital, Raymond James, and Piper Sandler continue to recommend buying its shares as well.

Wix stock is now up roughly 25% versus its year-to-date low last month.

Wix shares rally on raised future guidance

Shares of the $8.0 billion company based out of Tel Aviv, Israel are gaining at writing also because its management raised guidance for the future on Monday.

Wix now forecasts up to $1.761 billion in revenue in its fiscal 2024 – up some 13% on a year-over-year basis. Analysts, in comparison, were at $1.75 billion. Avishai Abraham, chief executive of the Nasdaq-listed firm said in the earnings report today:

We continue to expect AI and Studio to be increasingly more meaningful drivers of growth in 2024 and the years to come.

Wix stock is trading up today because the management expects acceleration in bookings (Self Creators and Partners) in the back half of 2024. You can read the company’s full earnings release on this link.

The post Wix stock rallies on Q1 earnings: is it too late to buy? appeared first on Invezz