ContextLogic (NASDAQ:WISH) Shares Up 12.4%

ContextLogic Inc. (NASDAQ:WISHGet Rating) shot up 12.4% during mid-day trading on Friday . The stock traded as high as $1.92 and last traded at $1.90. 558,853 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 12,563,049 shares. The stock had previously closed at $1.69.

WISH has been the topic of several recent research reports. Credit Suisse Group lowered their price target on shares of ContextLogic from $12.00 to $9.50 and set an “outperform” rating on the stock in a report on Wednesday, March 2nd. Loop Capital lowered shares of ContextLogic from a “buy” rating to a “hold” rating and lowered their price target for the company from $4.00 to $2.00 in a report on Tuesday, March 22nd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, ContextLogic currently has an average rating of “Hold” and a consensus target price of $5.22.

The firm’s 50 day moving average price is $1.75 and its 200-day moving average price is $2.31. The firm has a market capitalization of $1.24 billion, a PE ratio of -3.77 and a beta of 0.37.

ContextLogic (NASDAQ:WISHGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.05. The firm had revenue of $189.00 million for the quarter, compared to analyst estimates of $212.19 million. ContextLogic had a negative net margin of 19.51% and a negative return on equity of 24.26%. ContextLogic’s quarterly revenue was down 75.5% compared to the same quarter last year. During the same period last year, the company posted ($0.21) EPS. As a group, equities analysts predict that ContextLogic Inc. will post -0.59 earnings per share for the current year.

In other ContextLogic news, insider Tarun Kumar Jain sold 30,000 shares of the stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $1.53, for a total value of $45,900.00. Following the completion of the sale, the insider now owns 251,694 shares in the company, valued at approximately $385,091.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Piotr Szulczewski sold 71,066 shares of the stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $1.98, for a total transaction of $140,710.68. The disclosure for this sale can be found here. Insiders sold a total of 2,066,404 shares of company stock worth $3,379,721 over the last ninety days. 40.83% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC raised its holdings in ContextLogic by 21.1% in the 3rd quarter. LPL Financial LLC now owns 13,931 shares of the company’s stock valued at $76,000 after acquiring an additional 2,426 shares during the last quarter. Citigroup Inc. increased its holdings in shares of ContextLogic by 1.1% during the 4th quarter. Citigroup Inc. now owns 410,476 shares of the company’s stock worth $1,277,000 after buying an additional 4,414 shares during the last quarter. Endowment Wealth Management Inc. increased its holdings in shares of ContextLogic by 18.6% during the 1st quarter. Endowment Wealth Management Inc. now owns 40,060 shares of the company’s stock worth $90,000 after buying an additional 6,273 shares during the last quarter. X Square Capital LLC increased its holdings in shares of ContextLogic by 20.0% during the 1st quarter. X Square Capital LLC now owns 45,000 shares of the company’s stock worth $102,000 after buying an additional 7,500 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of ContextLogic by 3.7% during the 1st quarter. California State Teachers Retirement System now owns 245,271 shares of the company’s stock worth $552,000 after buying an additional 8,786 shares during the last quarter. Institutional investors own 27.33% of the company’s stock.

About ContextLogic (NASDAQ:WISH)

ContextLogic Inc operates as a mobile ecommerce company in Europe, North America, South America, and internationally. The company operates Wish, an ecommerce platform that connects users to merchants. It also provides marketplace and logistics services to merchants. The company was incorporated in 2010 and is headquartered in San Francisco, California.

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