Wix.com (WIX) Moves 3.2% Higher: Will This Strength Last?

Company Performance - Wix.com shares increased by 3.2% to close at $177.24, with notable trading volume compared to typical sessions, and a total gain of 7.7% over the past four weeks [1] - The rise in share price is attributed to strong topline performance driven by the adoption of AI products and WIX Studio, which is a significant growth driver for the company [1] - Management reported that the number of Studio accounts and new Partners joining the Wix platform through Studio exceeded expectations [1] Financial Outlook - Following a strong second quarter, management raised the 2024 outlook for bookings, revenues, and free cash flow, with revenues now expected to be between $1,747 million and $1,761 million, an increase from the previous guidance [2] - Total bookings are projected to be between $1,802 million and $1,822 million, compared to the earlier range of $1,796 million to $1,826 million [2] - The upcoming quarterly earnings are expected to be $1.44 per share, reflecting a year-over-year increase of 30.9%, with revenues anticipated at $443.27 million, up 12.6% from the previous year [2] Earnings Estimates - The consensus EPS estimate for Wix.com has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [3] - Wix.com currently holds a Zacks Rank of 3 (Hold), while CyberArk, another company in the same industry, has a Zacks Rank of 1 (Strong Buy) [3]