ContextLogic's (NASDAQ:WISH) lock-up period is set to expire on Monday, June 14th. ContextLogic had issued 46,000,000 shares in its IPO on December 16th. The total size of the offering was $1,104,000,000 based on an initial share price of $24.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.
A number of analysts have recently issued reports on WISH shares. Evercore ISI started coverage on ContextLogic in a research note on Monday, April 5th. They issued an "outperform" rating and a $22.00 price target on the stock. Loop Capital raised shares of ContextLogic from a "hold" rating to a "buy" rating in a research note on Tuesday, February 16th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of ContextLogic from $26.00 to $22.00 and set a "buy" rating for the company in a research report on Tuesday, March 9th. They noted that the move was a valuation call. Credit Suisse Group lowered their price target on shares of ContextLogic from $31.00 to $24.00 and set an "outperform" rating on the stock in a research report on Thursday, May 13th. Finally, Oppenheimer cut their price objective on shares of ContextLogic from $30.00 to $25.00 and set an "outperform" rating for the company in a report on Tuesday, March 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. ContextLogic presently has a consensus rating of "Buy" and a consensus target price of $22.92.
ContextLogic stock opened at $8.29 on Monday. The company has a 50 day moving average price of $11.94. The stock has a market cap of $5.13 billion and a PE ratio of -1.41. ContextLogic has a 1-year low of $7.64 and a 1-year high of $32.85.
ContextLogic (NASDAQ:WISH) last released its quarterly earnings data on Wednesday, May 12th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.03). The company had revenue of $772.00 million during the quarter, compared to analysts' expectations of $743.77 million. The business's revenue was up 75.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.62) EPS. On average, analysts forecast that ContextLogic will post -0.54 earnings per share for the current year.
In other news, CEO Piotr Szulczewski sold 497,132 shares of the company's stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $8.37, for a total value of $4,160,994.84. Following the transaction, the chief executive officer now directly owns 497,132 shares in the company, valued at approximately $4,160,994.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Rajat Bahri sold 300,000 shares of the stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $18.54, for a total transaction of $5,562,000.00. Following the transaction, the chief financial officer now directly owns 1,136,992 shares of the company's stock, valued at approximately $21,079,831.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,137,723 shares of company stock valued at $13,239,992.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Monashee Investment Management LLC acquired a new position in ContextLogic during the 4th quarter worth about $4,834,000. Davidson Kempner Capital Management LP acquired a new position in shares of ContextLogic in the fourth quarter valued at approximately $6,829,000. Morgan Stanley acquired a new position in shares of ContextLogic in the fourth quarter valued at approximately $116,272,000. Anglepoint Asset Management LTD. purchased a new stake in ContextLogic during the 4th quarter worth approximately $26,658,000. Finally, Ovata Capital Management Ltd acquired a new stake in ContextLogic during the 4th quarter worth approximately $1,642,000. 55.96% of the stock is owned by institutional investors and hedge funds.
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.
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