According to Zacks, “ContextLogic is a global commerce company. Their vision is to unlock ecommerce for consumers and merchants by providing consumers access to a vast selection of affordable products and by providing merchants access to hundreds of millions of consumers globally. Their platform combines technology and data science capabilities, an innovative and discovery-based mobile shopping experience, a comprehensive suite of indispensable merchant services, and a massive scale of users, merchants, and items. “
A number of other equities research analysts also recently weighed in on WISH. Citigroup dropped their target price on ContextLogic from $12.00 to $7.50 and set a “neutral” rating for the company in a report on Monday, August 23rd. Oppenheimer downgraded ContextLogic from a “market perform” rating to an “underperform” rating and set a $4.00 target price for the company. in a report on Monday, October 4th. Credit Suisse Group dropped their target price on ContextLogic from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, August 13th. Cowen downgraded ContextLogic from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $18.00 to $10.00 in a research note on Friday, August 13th. Finally, William Blair downgraded ContextLogic from an “outperform” rating to a “market perform” rating in a research note on Friday, August 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.25.
ContextLogic (NASDAQ:WISH) last released its quarterly earnings data on Thursday, August 12th. The company reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.03). ContextLogic had a negative return on equity of 296.87% and a negative net margin of 32.07%. The company had revenue of $656.00 million for the quarter, compared to the consensus estimate of $724.11 million. Equities research analysts predict that ContextLogic will post -0.66 EPS for the current fiscal year.
In other news, CEO Piotr Szulczewski sold 75,282 shares of the business’s stock in a transaction dated Friday, September 17th. The stock was sold at an average price of $6.30, for a total transaction of $474,276.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Devang Shah sold 10,472 shares of the business’s stock in a transaction dated Friday, September 17th. The stock was sold at an average price of $6.30, for a total value of $65,973.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,348,540 shares of company stock valued at $9,264,160. Insiders own 40.83% of the company’s stock.
A number of hedge funds have recently made changes to their positions in WISH. Founders Fund V Management LLC bought a new stake in ContextLogic in the first quarter valued at approximately $947,580,000. Vanguard Group Inc. boosted its holdings in ContextLogic by 545.7% in the second quarter. Vanguard Group Inc. now owns 6,452,925 shares of the company’s stock valued at $84,985,000 after acquiring an additional 5,453,633 shares during the last quarter. Natixis bought a new stake in ContextLogic in the second quarter valued at approximately $38,215,000. Anglepoint Asset Management LTD. boosted its holdings in ContextLogic by 186.8% in the first quarter. Anglepoint Asset Management LTD. now owns 4,191,116 shares of the company’s stock valued at $66,220,000 after acquiring an additional 2,729,616 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new stake in ContextLogic in the second quarter valued at approximately $28,465,000. Institutional investors and hedge funds own 26.58% of the company’s stock.
ContextLogic Inc operates as a mobile ecommerce company in Europe, North America, South America, and internationally. The company operates Wish 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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