Wix.com Raises Forecast After Revenue, Earnings Beat

Wix.com Ltd (NASDAQ: WIX) stock is down 2.3% at $79.55 last glance, despite the web development name delivering a top- and bottom-line win. Additionally, the company lifted its full-year revenue and free cash flow forecast amid an improving macroeconomic backdrop.

Analysts are chiming in, with price-target hikes coming from J.P. Morgan Securities and Jefferies to $89 and $120, respectively. There's still room for upgrades, given five of 15 firms in coverage call WIX a "hold." Plus, short interest makes up 6.7% of the stock's available float, or nearly one week's worth of pent-up buying power.

Shares earlier broke above the 20-day moving average for the first time since early April, before dipping into the red, The $74 region contained Wix.com stock's pullback from an April 4, one-year high of $101.55, though. During the last 12 months, WIX has amassed a 19.6% lead.

Options traders have been much more bearish than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security carries a10-day put/call volume ratio of 1.10 that ranks in the 88th percentile of its annual range. 

Drilling down to today's options activity, 2,269 calls and 1,121 puts have crossed he tape, which is 11 times the intraday average volume. Most popular is the May 90 call, while new positions are being opened at the 85 call in that series. 

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