Why Wix.com Stock Soared 60% In August
The company was considered an AI loser, but is mounting a comeback for shareholders.
Overview
Shares of Wix.com (NASDAQ: WIX) zoomed over 60% in August, according to data from S&P Global Market Intelligence. The website-building platform was considered an artificial intelligence (AI) loser earlier this year, but that narrative completely reversed this summer, with the company posting solid revenue growth and major margin improvement for its new AI-generative application builder.
Here's why Wix stock was up in August, and whether it is a buy now.
Details
The catalyst for Wix's massive move last month was its earnings report at the beginning of the month. Investors had beaten down Wix, sending shares from close to $200 in September of last year to under $50 by the end of July, on the theory that Wix's website-building platform would lose out to new generative AI tools.
Source
Originally published at www.fool.com.
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