GMBStaff
18 Dec 23
Wix.com Ltd (NASDAQ:WIX) has received court approval for a repurchase program, allowing the company to buy back up to $300M of its shares and/or convertible notes. This program will be effective until July 30, 2024. In addition, the company has indicated that it may file extension requests with the ...
Wix.com Ltd (NASDAQ:WIX) has received court approval for a repurchase program, allowing the company to buy back up to $300M of its shares and/or convertible notes. This program will be effective until July 30, 2024. In addition, the company has indicated that it may file extension requests with the court and seek approval for additional repurchase amounts to align with the board's approval of 50% of projected free cash flow through 2025. This move suggests a strategic use of capital and a commitment to returning value to shareholders. The potential for continued repurchase activity and the alignment with projected cash flow provide investors with a positive outlook for the company's financial flexibility and long-term growth prospects.
More about Wix.Com Ltd
Wix.Com Ltd is a technology company that develops and markets a cloud-based platform for website and web application creation. With a market cap of $6.42 billion and a stock price of $123.78, the company has seen a slight decrease of 0.15% in its stock performance. Market sentiment remains neutral, with a Relative Strength Index (RSI) of 26.52 indicating potential oversold conditions. However, the stock is currently trading near its support level, suggesting a possible bounce back. Investors should be cautious as the stock is exhibiting bearish trends, and past performance may not be indicative of future results.
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