ContextLogic Inc. (NASDAQ:WISH) – Equities researchers at Oppenheimer boosted their FY2021 earnings estimates for shares of ContextLogic in a report issued on Wednesday, November 10th. Oppenheimer analyst J. Helfstein now forecasts that the company will earn ($0.57) per share for the year, up from their prior forecast of ($0.67). Oppenheimer has a “Underperform” rating and a $4.00 price objective on the stock. Oppenheimer also issued estimates for ContextLogic’s Q4 2021 earnings at ($0.09) EPS, Q1 2022 earnings at ($0.19) EPS, Q2 2022 earnings at ($0.13) EPS, Q3 2022 earnings at ($0.08) EPS, Q4 2022 earnings at ($0.05) EPS and FY2022 earnings at ($0.39) EPS.
A number of other brokerages have also commented on WISH. Credit Suisse Group decreased their price objective on ContextLogic from $19.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, November 9th. Loop Capital reduced their target price on ContextLogic from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 13th. JPMorgan Chase & Co. lowered ContextLogic from an “overweight” rating to an “underweight” rating and reduced their target price for the stock from $17.00 to $5.00 in a report on Friday, August 13th. Zacks Investment Research raised ContextLogic from a “sell” rating to a “hold” rating in a report on Thursday, October 14th. Finally, Cowen dropped their price objective on ContextLogic from $10.00 to $6.00 and set a “market perform” rating for the company in a research report on Tuesday, November 2nd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, ContextLogic presently has an average rating of “Hold” and a consensus price target of $14.46.
Shares of ContextLogic stock opened at $5.41 on Monday. The stock has a market cap of $3.40 billion and a P/E ratio of -1.53. ContextLogic has a 12-month low of $4.61 and a 12-month high of $32.85. The business’s 50 day moving average is $5.73 and its 200-day moving average is $8.65. ContextLogic (NASDAQ:WISH) last issued its quarterly earnings data on Wednesday, November 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.05. ContextLogic had a negative return on equity of 91.67% and a negative net margin of 33.67%.
A number of institutional investors have recently made changes to their positions in WISH. Banque Cantonale Vaudoise grew its stake in ContextLogic by 100.0% in the second quarter. Banque Cantonale Vaudoise now owns 2,000 shares of the company’s stock valued at $26,000 after acquiring an additional 1,000 shares during the period. Psagot Investment House Ltd. acquired a new stake in ContextLogic in the second quarter valued at approximately $33,000. Evoke Wealth LLC acquired a new stake in ContextLogic in the second quarter valued at approximately $40,000. McIlrath & Eck LLC bought a new position in shares of ContextLogic in the third quarter valued at approximately $46,000. Finally, Harvey Capital Management Inc. bought a new position in shares of ContextLogic in the third quarter valued at approximately $54,000. 26.51% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Pai Liu sold 26,595 shares of the firm’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $6.63, for a total transaction of $176,324.85. Following the completion of the sale, the vice president now owns 24,483 shares of the company’s stock, valued at $162,322.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Piotr Szulczewski sold 75,282 shares of the firm’s stock in a transaction that occurred on Friday, September 17th. The shares were sold at an average price of $6.30, for a total value of $474,276.60. The disclosure for this sale can be found here. Insiders have sold 1,149,996 shares of company stock valued at $7,435,792 over the last 90 days. 40.83% of the stoc k is owned by corporate insiders.
ContextLogic Company Profile
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.