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Research Overview

S&P 500
Apr 19, 2017

After conducting a forensic financial and accounting review, Spruce Point believes Ltd. (Nasdaq: WIX), an Israeli-based technology service provider offering a free website solution, showcases numerous potential warning signs, including the fact that gross margins are astronomical, and its capex is minimal. Based on our investigation, we estimate 50% to 60% downside risk, or $36.00 - $42.00 per share.

The report highlights several key concerns with the company, including:

  • Evidence that the Company is facing rising acquisition costs and new credible competition
  • We have found clues indicating that management may intend to dilute 2-3 million new shares
  • We believe the backgrounds of the Auditor and CFO should cause investors to pause
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