ContextLogic Inc. (NASDAQ:WISH – Get Rating) fell 11.3% on Thursday after an insider sold shares in the company. The stock traded as low as $0.84 and last traded at $0.84. 113,481 shares traded hands during trading, a decline of 99% from the average session volume of 16,470,554 shares. The stock had previously closed at $0.95.Specifically, Director Hans Tung sold 1,469,572 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $1.74, for a total value of $2,557,055.28. Following the completion of the transaction, the director now owns 491,107 shares in the company, valued at approximately $854,526.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ContextLogic news, Director Hans Tung sold 1,469,572 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $1.74, for a total value of $2,557,055.28. Following the sale, the director now directly owns 491,107 shares in the company, valued at approximately $854,526.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Piotr Szulczewski sold 400,000 shares of the company’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $0.93, for a total transaction of $372,000.00. Following the completion of the transaction, the insider now directly owns 40,214,236 shares in the company, valued at approximately $37,399,239.48. The disclosure for this sale can be found here. Insiders have sold 10,651,863 shares of company stock valued at $15,017,520 in the last 90 days. 20.80% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Separately, Credit Suisse Group lowered their price objective on shares of ContextLogic from $7.60 to $7.20 and set an “outperform” rating on the stock 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.81.
ContextLogic Price Performance
The firm’s 50 day simple moving average is $1.35 and its two-hundred day simple moving average is $1.67. The firm has a market capitalization of $572.85 million, a P/E ratio of -2.10 and a beta of 0.32.
ContextLogic (NASDAQ:WISH – Get Rating) last issued its earnings results on Tuesday, August 9th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. The company had revenue of $134.00 million during the quarter, compared to analysts’ expectations of $154.40 million. ContextLogic had a negative return on equity of 23.48% and a negative net margin of 27.75%. ContextLogic’s quarterly revenue was down 79.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.17) EPS. As a group, equities research analysts forecast that ContextLogic Inc. will post -0.64 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in WISH. Verition Fund Management LLC boosted its position in ContextLogic by 164.0% during the 2nd quarter. Verition Fund Management LLC now owns 30,397 shares of the company’s stock valued at $49,000 after buying an additional 18,882 shares during the period. Summit Global Investments bought a new stake in shares of ContextLogic in the second quarter worth about $512,000. Legal & General Group Plc increased its holdings in ContextLogic by 70.8% during the 2nd quarter. Legal & General Group Plc now owns 501,521 shares of the company’s stock valued at $802,000 after purchasing an additional 207,922 shares during the period. Prudential Financial Inc. bought a new position in shares of ContextLogic during the second quarter valued at approximately $515,000. Finally, Caption Management LLC bought a new stake in ContextLogic in the second quarter valued at $1,440,000. Institutional investors own 37.36% of the company’s stock.
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.