Zacks Investment Research Upgrades ContextLogic (NASDAQ:WISH) to Hold


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ContextLogic (NASDAQ:WISH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “ContextLogic is a global commerce company. Their vision is to unlock ecommerce for consumers and merchants by providing consumers access to a vast selection of affordable products and by providing merchants access to hundreds of millions of consumers globally. Their platform combines technology and data science capabilities, an innovative and discovery-based mobile shopping experience, a comprehensive suite of indispensable merchant services, and a massive scale of users, merchants, and items. “

Several other equities analysts also recently issued reports on WISH. UBS Group began coverage on shares of ContextLogic in a research note on Monday, January 11th. They set a “buy” rating and a $28.00 price target for the company. JPMorgan Chase & Co. began coverage on shares of ContextLogic in a research note on Monday, January 11th. They set an “overweight” rating and a $30.00 target price for the company. Oppenheimer lowered their target price on shares of ContextLogic from $30.00 to $25.00 and set an “outperform” rating for the company in a research note on Tuesday, March 9th. Citigroup lowered their target price on shares of ContextLogic from $24.00 to $20.00 in a research note on Tuesday, March 9th. Finally, Smith Barney Citigroup began coverage on shares of ContextLogic in a research note on Monday, January 11th. They set a “neutral” rating and a $24.00 target price for the company. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $24.08.

WISH stock opened at $14.33 on Thursday. The company has a fifty day moving average price of $18.29 and a 200-day moving average price of $13.96. ContextLogic has a 52-week low of $14.26 and a 52-week high of $32.85.

ContextLogic (NASDAQ:WISH) last released its quarterly earnings results on Sunday, March 7th. The company reported ($3.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($3.03) by ($0.01).

In other news, CFO Rajat Bahri sold 1,443,637 shares of ContextLogic stock in a transaction dated Wednesday, February 24th. The shares were sold at an average price of $19.65, for a total transaction of $28,367,467.05. Following the completion of the transaction, the chief financial officer now directly owns 1,443,637 shares in the company, valued at $28,367,467.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Pai Liu sold 17,626 shares of ContextLogic stock in a transaction dated Wednesday, February 24th. The shares were sold at an average price of $19.65, for a total transaction of $346,350.90. Following the transaction, the vice president now owns 17,626 shares of the company’s stock, valued at $346,350.90. The disclosure for this sale can be found here. Insiders sold 7,461,728 shares of company stock valued at $146,110,205 over the last 90 days.

Several hedge funds and other institutional investors have recently modified their holdings of WISH. Formation8 GP LLC acquired a new position in shares of ContextLogic during the fourth quarter valued at about $1,156,163,000. Temasek Holdings Private Ltd acquired a new position in shares of ContextLogic during the fourth quarter valued at about $489,468,000. Morgan Stanley acquired a new position in shares of ContextLogic during the fourth quarter valued at about $116,272,000. BlackRock Inc. acquired a new position in shares of ContextLogic during the fourth quarter valued at about $52,333,000. Finally, Janus Henderson Group PLC acquired a new position in shares of ContextLogic during the fourth quarter valued at about $31,918,000.

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 approximately 100 million monthly active users to approximately 550,000 merchants. It also provides marketplace and logistics services to merchants.

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Analyst Recommendations for ContextLogic (NASDAQ:WISH)

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