Wix.com's stock price plummeted 5.33% during Tuesday's intraday trading session, marking a significant downward movement for the website building platform.

The sharp decline appears to be directly linked to Bank of America's decision to lower its price target on Wix.com from $95 to $77, though the firm maintained its Buy rating on the shares. Analyst price target reductions often trigger negative market sentiment and selling pressure as investors reassess valuation expectations.

While BofA kept its positive rating on the stock, the substantial $18 reduction in the price target suggests revised expectations about Wix.com's future performance or valuation metrics, which likely contributed to the intraday selloff.