ContextLogic (NASDAQ:WISH) Reaches New 1-Year Low After Insider Selling

Shares of ContextLogic Inc. (NASDAQ:WISHGet Rating) reached a new 52-week low on Monday after an insider sold shares in the company. The company traded as low as $0.93 and last traded at $0.94, with a volume of 71562 shares traded. The stock had previously closed at $0.99.

Specifically, insider Tarun Kumar Jain sold 88,000 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $1.67, for a total value of $146,960.00. Following the completion of the transaction, the insider now directly owns 358,729 shares of the company’s stock, valued at $599,077.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other ContextLogic news, major shareholder Piotr Szulczewski sold 601,018 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $1.01, for a total transaction of $607,028.18. Following the sale, the insider now directly owns 41,459,256 shares in the company, valued at approximately $41,873,848.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tarun Kumar Jain sold 88,000 shares of ContextLogic stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $1.67, for a total transaction of $146,960.00. Following the completion of the transaction, the insider now directly owns 358,729 shares in the company, valued at approximately $599,077.43. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,774,427 shares of company stock valued at $14,218,408. 20.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Credit Suisse Group cut their price objective on shares of ContextLogic from $7.60 to $7.20 and set an “outperform” rating on the stock in a research report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.81.

ContextLogic Stock Performance

The firm’s 50 day moving average price is $1.43 and its two-hundred day moving average price is $1.71.

ContextLogic (NASDAQ:WISHGet Rating) last released its earnings results on Tuesday, August 9th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. ContextLogic had a negative net margin of 27.75% and a negative return on equity of 23.48%. The business had revenue of $134.00 million during the quarter, compared to the consensus estimate of $154.40 million. During the same quarter last year, the firm earned ($0.17) earnings per share. The firm’s revenue for the quarter was down 79.6% compared to the same quarter last year. On average, equities research analysts predict that ContextLogic Inc. will post -0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Citigroup Inc. raised its stake 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 purchasing an additional 4,414 shares in the last quarter. Endowment Wealth Management Inc. raised its position in ContextLogic by 18.6% during the first quarter. Endowment Wealth Management Inc. now owns 40,060 shares of the company’s stock worth $90,000 after acquiring an additional 6,273 shares in the last quarter. X Square Capital LLC lifted its stake in ContextLogic by 20.0% in the first quarter. X Square Capital LLC now owns 45,000 shares of the company’s stock valued at $102,000 after acquiring an additional 7,500 shares during the last quarter. California State Teachers Retirement System lifted its stake in ContextLogic by 3.7% in the first quarter. California State Teachers Retirement System now owns 245,271 shares of the company’s stock valued at $552,000 after acquiring an additional 8,786 shares during the last quarter. Finally, UBS Group AG grew its position in shares of ContextLogic by 166.3% in the 2nd quarter. UBS Group AG now owns 17,956 shares of the company’s stock valued at $28,000 after acquiring an additional 11,212 shares during the period. 37.36% of the stock is owned by institutional investors and hedge funds.

About ContextLogic

(Get Rating)

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.

Recommended Stories

Receive News & Ratings for ContextLogic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ContextLogic and related companies with MarketBeat.com's FREE daily email newsletter.