Wix.com (WIX) shares plummeted 5.01% in intraday trading on Monday, despite the company announcing a $200 million increase to its share repurchase program. The unexpected decline comes as investors grapple with mixed signals about the company's future prospects.

Early Monday, Wix.com revealed that its board had approved an additional $200 million for its stock buyback plan, bringing the total available for repurchases to $500 million. This move typically signals confidence in a company's financial health and often leads to positive stock performance. However, the market's reaction was decidedly negative, suggesting other factors are at play.

A likely contributor to the stock's decline was a significant price target cut from Citizens JMP. The firm lowered its target for Wix.com to $160 from $250, while maintaining an Outperform rating. This substantial reduction in price expectations, despite the positive rating, may have spooked investors and overshadowed the buyback news. The contrast between the company's share repurchase program and the analyst's reduced price target has created uncertainty in the market, leading to today's sell-off.