ContextLogic (NASDAQ:WISH) Sets New 1-Year Low on Insider Selling

ContextLogic Inc. (NASDAQ:WISHGet Rating) shares reached a new 52-week low during trading 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, major shareholder Piotr Szulczewski sold 2,000,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $1.36, for a total value of $2,720,000.00. Following the completion of the sale, the insider now owns 49,602,922 shares in the company, valued at approximately $67,459,973.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Hans Tung sold 843,700 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $1.67, for a total transaction of $1,408,979.00. Following the completion of the transaction, the director now owns 459,092 shares of the company’s stock, valued at approximately $766,683.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Piotr Szulczewski sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $1.36, for a total value of $2,720,000.00. Following the transaction, the insider now directly owns 49,602,922 shares of the company’s stock, valued at approximately $67,459,973.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,774,427 shares of company stock worth $14,218,408. 20.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

ContextLogic Stock Performance

The stock has a 50-day moving average of $1.43 and a two-hundred day moving average of $1.71.

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

Institutional Trading of ContextLogic

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its holdings in shares of ContextLogic by 238.1% in the 2nd quarter. State Street Corp now owns 13,349,046 shares of the company’s stock worth $21,358,000 after purchasing an additional 9,401,373 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of ContextLogic by 61.9% in the 2nd quarter. Renaissance Technologies LLC now owns 8,264,800 shares of the company’s stock worth $13,224,000 after purchasing an additional 3,161,000 shares in the last quarter. BlackRock Inc. boosted its stake in shares of ContextLogic by 9.7% in the 1st quarter. BlackRock Inc. now owns 6,402,156 shares of the company’s stock worth $14,405,000 after buying an additional 563,737 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of ContextLogic by 32.7% in the 1st quarter. ProShare Advisors LLC now owns 5,029,842 shares of the company’s stock worth $11,317,000 after buying an additional 1,238,101 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of ContextLogic by 538.3% in the 2nd quarter. Northern Trust Corp now owns 4,821,957 shares of the company’s stock worth $7,715,000 after buying an additional 4,066,475 shares during the last quarter. Institutional investors own 37.36% of the company’s stock.

ContextLogic Company Profile

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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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