Is Wix.Com Ltd (WIX) A Good Stock to Buy?

With general bullishness amongst the heavyweights, key hedge funds have been driving this bullishness. Balyasny Asset Management, managed by Dmitry Balyasny, created the largest position in Wix.Com Ltd (NASDAQ:WIX). Balyasny Asset Management had $12.4 million invested in the company at the end of the quarter. Bijan Modanlou, Joseph Bou-Saba, and Jayaveera Kodali’s Alta Park Capital also initiated a $4.5 million position during the quarter. The following funds were also among the new WIX investors: Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Warren Lammert’s Granite Point Capital, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Wix.Com Ltd (NASDAQ:WIX). These stocks are Baytex Energy Corp (USA) (NYSE:BTE), Comfort Systems USA, Inc. (NYSE:FIX), Cray Inc. (NASDAQ:CRAY), and Sturm, Ruger & Company (NYSE:RGR). All of these stocks’ market caps match WIX’s market cap.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was $326 million in WIX’s case. Comfort Systems USA, Inc. (NYSE:FIX) is the most popular stock in this table. On the other hand Baytex Energy Corp (USA) (NYSE:BTE) is the least popular one with only 10 bullish hedge fund positions. Wix.Com Ltd (NASDAQ:WIX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FIX and WIX might be good candidates to consider taking long positions in.

Disclosure: None