ContextLogic Inc. (NASDAQ:WISH – Get Rating) saw some unusual options trading on Tuesday. Stock traders bought 27,450 call options on the stock. This is an increase of 66% compared to the typical daily volume of 16,525 call options.
Analyst Ratings Changes
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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $4.81.
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Insider Buying and Selling at ContextLogic
In other ContextLogic news, major shareholder Piotr Szulczewski sold 1,000,000 shares of the firm's stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $1.67, for a total value of $1,670,000.00. Following the transaction, the insider now directly owns 56,128,812 shares of the company's stock, valued at $93,735,116.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Hans Tung sold 843,700 shares of ContextLogic stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $1.67, for a total value of $1,408,979.00. Following the completion of the transaction, the director now directly owns 459,092 shares in the company, valued at $766,683.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Piotr Szulczewski sold 1,000,000 shares of ContextLogic stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $1.67, for a total value of $1,670,000.00. Following the completion of the transaction, the insider now owns 56,128,812 shares of the company's stock, valued at $93,735,116.04. The disclosure for this sale can be found here. Insiders have sold 9,774,427 shares of company stock valued at $14,218,408 over the last three months. 20.80% of the stock is owned by company insiders.
Institutional Investors Weigh In On ContextLogic
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Profund Advisors LLC bought a new position in ContextLogic in the second quarter valued at $25,000. 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. HighTower Advisors LLC bought a new position in shares of ContextLogic in the 1st quarter valued at about $30,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of ContextLogic in the 1st quarter valued at about $34,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of ContextLogic in the 2nd quarter valued at about $36,000. 37.36% of the stock is currently owned by institutional investors and hedge funds.
ContextLogic Stock Up 3.4 %
NASDAQ:WISH opened at $0.96 on Wednesday. The firm has a market capitalization of $643.94 million, a PE ratio of -2.34 and a beta of 0.32. ContextLogic has a 12-month low of $0.91 and a 12-month high of $6.31. The firm has a 50-day moving average price of $1.43 and a 200 day moving average price of $1.71.
ContextLogic (NASDAQ:WISH – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.03. The business had revenue of $134.00 million for the quarter, compared to analysts' expectations of $154.40 million. ContextLogic had a negative net margin of 27.75% and a negative return on equity of 23.48%. ContextLogic's revenue was down 79.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, research analysts expect that ContextLogic will post -0.64 EPS 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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