ContextLogic Target of Unusually High Options Trading (NASDAQ:WISH)

ContextLogic Inc. (NASDAQ:WISHGet Rating) was the recipient of unusually large options trading activity on Tuesday. Traders purchased 27,450 call options on the stock. This represents an increase of approximately 66% compared to the typical volume of 16,525 call options.

Analyst Upgrades and Downgrades

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

Insider Transactions at ContextLogic

In other ContextLogic news, major shareholder Piotr Szulczewski sold 601,018 shares of the stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $1.01, for a total transaction of $607,028.18. Following the completion of the transaction, the insider now owns 41,459,256 shares in the company, valued at $41,873,848.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Piotr Szulczewski sold 601,018 shares of the stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $1.01, for a total value of $607,028.18. Following the sale, the insider now directly owns 41,459,256 shares of the company’s stock, valued at $41,873,848.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Hans Tung sold 843,700 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $1.67, for a total transaction of $1,408,979.00. Following the completion of the sale, the director now directly owns 459,092 shares in the company, valued at $766,683.64. The disclosure for this sale can be found here. Insiders sold a total of 9,774,427 shares of company stock worth $14,218,408 in the last quarter. 20.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in ContextLogic by 238.1% during the 2nd quarter. State Street Corp now owns 13,349,046 shares of the company’s stock valued at $21,358,000 after buying an additional 9,401,373 shares during the period. Renaissance Technologies LLC bought a new position in shares of ContextLogic during the 1st quarter worth $11,484,000. Northern Trust Corp grew its position in shares of ContextLogic by 538.3% during 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 in the last quarter. Goldman Sachs Group Inc. boosted its position in ContextLogic by 658.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,240,312 shares of the company’s stock valued at $5,040,000 after purchasing an additional 1,944,790 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in ContextLogic during the second quarter valued at about $2,635,000. 37.36% of the stock is currently owned by institutional investors.

ContextLogic Stock Performance

Shares of NASDAQ:WISH opened at $0.96 on Wednesday. ContextLogic has a fifty-two week low of $0.91 and a fifty-two week high of $6.31. The business has a 50-day simple moving average of $1.43 and a two-hundred day simple moving average of $1.71. The firm has a market cap of $643.94 million, a price-to-earnings ratio of -2.34 and a beta of 0.32.

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

About ContextLogic

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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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