Why Wix.com Stock Rebounded 21.3% in July
The website builder was on the opposite end of the AI trade, and finally saw some relief in its share price.
Overview
Shares of Wix.com (NASDAQ: WIX) jumped 21.3% in July, according to data from S&P Global Market Intelligence. The website software provider saw its shares jump due to an unwind of AI winner-and-loser trades, with Wix considered a loser. Shares then continued to jump at the beginning of August after the company reported its second-quarter earnings.
The stock is still down 83% from its highs. Should you buy the dip on Wix stock after it began to turn things around in July?
Details
Many investors betting big on artificial intelligence (AI) have also made large bets against sectors they believe will be AI "losers," such as software. Wix and its website-building platform have been tossed into this loser camp, with professional investors taking heavy short positions against them.
Source
Originally published at www.fool.com.