Market News

Wix Launches Food Ordering Mobile Application

Witnessing a surge in the online food ordering trend, Wix (WIX) has launched ‘Dine by Wix’, a food ordering mobile application. Based on its recent data, the company said that about 65% of food orders were placed from mobile phones.

The application helps customers make reservations in any of the restaurants on the Wix Restaurants platform, as well as place orders for pickup or delivery. Moreover, it comes with all the added benefits, including loyalty programs, special offers, and more.

The app also provides live chat and direct call options, automatic reservation reminders, including SMS texts and calendar invites, persistent login for quick access, and saved payment methods. (See Wix stock chart on TipRanks)

SVP of Mobile, App Market and Strategic Products at Wix, Ronny Elkayam, said, “By expanding the Wix Restaurant offering to mobile, we are empowering restaurant owners to get in touch with their customers directly with no middle man, completely commission-free.”

On June 14, Needham analyst Bernie McTernan reiterated a Buy rating on the stock with a price target of $310. This implies 4.3% upside potential from current levels.

The analyst said, “Accelerating trends in e-commerce was the most positive takeaway from our checks and increases our confidence in this revenue stream.”

Consensus among analysts is a Strong Buy based on 15 Buys and 2 Holds. The average Wix analyst price target stands at $323.33, which implies upside potential of 8.8% from current levels. Shares have gained 17.4% so far this year.

TipRanks data shows that financial blogger opinions are 91% Bullish on WIX, compared to a sector average of 69%.

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