ContextLogic Inc. (NASDAQ:WISH – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Thursday after Credit Suisse Group lowered their price target on the stock from $7.20 to $5.70. Credit Suisse Group currently has an outperform rating on the stock. ContextLogic traded as low as $0.61 and last traded at $0.75, with a volume of 198284 shares. The stock had previously closed at $0.63.
Insiders Place Their Bets
In other ContextLogic news, 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 transaction of $1,670,000.00. Following the transaction, the insider now directly owns 56,128,812 shares in the company, valued at $93,735,116.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, major shareholder Piotr Szulczewski sold 1,000,000 shares of the business’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 sale, the insider now directly owns 56,128,812 shares in the company, valued at $93,735,116.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hans Tung sold 843,700 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $1.67, for a total value of $1,408,979.00. Following the completion of the sale, the director now owns 459,092 shares in the company, valued at $766,683.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,300,100 shares of company stock worth $19,506,906. Corporate insiders own 20.80% of the company’s stock.
Institutional Trading of ContextLogic
Institutional investors have recently modified their holdings of the company. Swiss National Bank increased its position in shares of ContextLogic by 11.1% in the first quarter. Swiss National Bank now owns 682,200 shares of the company’s stock valued at $1,535,000 after acquiring an additional 68,300 shares during the last quarter. Cypress Point Wealth Management LLC increased its position in shares of ContextLogic by 6.5% in the first quarter. Cypress Point Wealth Management LLC now owns 226,970 shares of the company’s stock valued at $511,000 after acquiring an additional 13,886 shares during the last quarter. Arkadios Wealth Advisors increased its position in shares of ContextLogic by 13.3% in the second quarter. Arkadios Wealth Advisors now owns 170,572 shares of the company’s stock valued at $273,000 after acquiring an additional 19,966 shares during the last quarter. Arizona State Retirement System increased its position in shares of ContextLogic by 60.4% in the second quarter. Arizona State Retirement System now owns 125,094 shares of the company’s stock valued at $200,000 after acquiring an additional 47,108 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of ContextLogic in the second quarter valued at about $211,000. 37.36% of the stock is currently owned by institutional investors.
ContextLogic Price Performance
The business has a 50-day moving average of $0.88 and a 200-day moving average of $1.37. The firm has a market cap of $495.80 million, a price-to-earnings ratio of -1.76 and a beta of 0.98.
ContextLogic (NASDAQ:WISH – Get Rating) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $134.00 million for 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 revenue was down 79.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.17) earnings per share. As a group, equities analysts anticipate that ContextLogic Inc. will post -0.63 EPS for the current fiscal year.
About ContextLogic
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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Read More: ContextLogic (NASDAQ:WISH) Reaches New 12-Month Low After Analyst Downgrade