San Francisco-based investment firm No Street GP LP disclosed a new position in Wix.com valued at approximately $97.7 million in an SEC filing released on Friday.
What Happened
According to a filing with the U.S. Securities and Exchange Commission released Friday, No Street GP LP established an initial position in Wix.com Ltd. (WIX 1.32%) during the third quarter, acquiring 550,000 shares valued at $97.7 million as of September 30. This new position accounted for 6.4% of the fund’s reported U.S. equity holdings for the quarter.
What Else to Know
Top five holdings after the filing:
- NASDAQ:APP: $147.3 million (9.8% of AUM)
- NYSE:CVNA: $111.5 million (7.4% of AUM)
- NYSE:UBER: $107.8 million (7.2% of AUM)
- NASDAQ:WIX: $97.7 million (6.5% of AUM)
- NASDAQ:COOP: $94.9 million (6.3% of AUM)
As of Friday, shares of Wix.com were priced at $125.29, down 32% over the prior year and well underperforming the S&P 500's nearly 15% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close Friday) | $125.29 |
| Market capitalization | $7 billion |
| Revenue (TTM) | $1.9 billion |
| Net income (TTM) | $166.3 million |
Company Snapshot
Wix.com Ltd. is a leading provider of cloud-based website development and business management solutions. The company leverages a scalable subscription model and diversified product suite to capture recurring revenue and support digital transformation for businesses of all sizes. Its competitive edge lies in its user-friendly platform, breadth of integrated services, and global reach across multiple customer segments.
Foolish Take
It's certainly interesting that No Street decided to load up on a stock that has shed more than 60% since its 2021 highs. The firm is no stranger to high-volatility compounders (with top holdings like AppLovin, Carvana, and Uber)—so adding Wix as a top-five position suggests confidence that the worst of the reset is behind the company.
That view is supported by Wix’s latest quarterly results. Second-quarter revenue rose 12% to $489.9 million, driven by accelerating new-cohort bookings, which grew 14% year over year and exited July above 20%. Free cash flow reached $147.7 million, while the company executed $100 million in share repurchases at an average price of $154.69. The acquisition of Base44 also expands Wix’s reach into application development—an area management expects could reach $40 million to $50 million in ARR by year-end.
For No Street, these dynamics may offer a rare blend: a high-margin SaaS model regaining momentum plus a stock still trading well below historical peaks.
For long-term investors, Wix is rebuilding from a position of strength—improving cohorts, durable cash flow, and a larger addressable market. Volatility will very likely remain, but if current trends hold, today’s valuation could underestimate the next phase of growth.
Glossary
13F: A quarterly report filed by institutional investment managers disclosing their U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Stake: The amount of ownership or investment a fund holds in a particular company.
Quarterly average price: The average market price of a security over a specific quarter.
Position: The amount of a particular asset or security held by an investor or fund.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Initial position: The first time an investor or fund acquires shares in a specific company.
Cloud-based platform: Software and services delivered over the internet, rather than installed locally on computers.
Subscription model: A business model where customers pay recurring fees to access products or services.
Vertical-specific applications: Software tools tailored to the needs of a particular industry or business sector.
