Wix stock rises after activist investor Starboard discloses 9% stake

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Wix.com Ltd. WIX, -3.50% shares rose in the extended session Friday following a report that activist investor Starboard Value had built a 9% stake in the company, which was later confirmed. Shares rose 5% after hours, following a 3.5% decline to finish the regular session at $73.69. At first, shares rose following a Reuters report that was later confirmed by a Securities and Exchange Commission filing. Starboard said the purpose of the transaction was because it considered shares to be “undervalued and represented an attractive investment opportunity,” and planned to make “suggestions for improving” Wix’s financial and operation performance. Wix shares are down 53% year to date, compared with an 18% decline in the S&P 500 index SPX, -0.72%

This article was originally published by Marketwatch.com. Read the original article here.

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