Insight Advisors LLC PA Makes New $793,000 Investment in ContextLogic Inc. (NASDAQ:WISH)

Insight Advisors LLC PA purchased a new position in shares of ContextLogic Inc. (NASDAQ:WISH) in the 2nd quarter, Holdings Channel reports. The firm purchased 76,200 shares of the company’s stock, valued at approximately $793,000.

A number of other institutional investors also recently added to or reduced their stakes in WISH. Amundi Asset Management US Inc. purchased a new stake in shares of ContextLogic in the first quarter valued at $297,000. Northern Trust Corp purchased a new stake in shares of ContextLogic in the first quarter valued at $1,454,000. HighTower Advisors LLC purchased a new stake in shares of ContextLogic in the first quarter valued at $219,000. UBS Group AG grew its position in shares of ContextLogic by 1,739.0% in the first quarter. UBS Group AG now owns 172,079 shares of the company’s stock valued at $2,719,000 after purchasing an additional 162,722 shares during the period. Finally, Citigroup Inc. grew its position in shares of ContextLogic by 3,131.5% in the first quarter. Citigroup Inc. now owns 14,865 shares of the company’s stock valued at $235,000 after purchasing an additional 14,405 shares during the period. 26.58% of the stock is owned by institutional investors.

Shares of WISH opened at $6.02 on Friday. The stock’s 50-day moving average is $7.92 and its two-hundred day moving average is $11.02. The stock has a market cap of $3.78 billion and a PE ratio of -1.03. ContextLogic Inc. has a 12 month low of $5.82 and a 12 month high of $32.85.

ContextLogic (NASDAQ:WISH) last issued its quarterly earnings data on Thursday, August 12th. The company reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.03). The company had revenue of $656.00 million for the quarter, compared to analyst estimates of $724.11 million. ContextLogic had a negative return on equity of 296.87% and a negative net margin of 32.07%. As a group, analysts predict that ContextLogic Inc. will post -0.66 EPS for the current year.

A number of equities research analysts have recently commented on WISH shares. Citigroup lowered their price objective on ContextLogic from $12.00 to $7.50 and set a “neutral” rating for the company in a research report on Monday, August 23rd. Stifel Nicolaus lowered their price objective on ContextLogic from $12.00 to $8.00 and set a “hold” rating for the company in a research report on Friday, August 13th. Oppenheimer cut ContextLogic from an “outperform” rating to a “market perform” rating in a report on Friday, August 13th. Zacks Investment Research cut ContextLogic from a “hold” rating to a “strong sell” rating in a report on Saturday, July 24th. Finally, Bank of America cut ContextLogic from a “neutral” rating to an “underperform” rating and set a $6.00 target price on the stock. in a report on Friday, August 13th. Three 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.75.

In related news, CEO Piotr Szulczewski sold 75,282 shares of the business’s stock in a transaction dated Friday, September 17th. The stock was sold at an average price of $6.30, for a total value of $474,276.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Devang Shah sold 15,083 shares of the business’s stock in a transaction dated Tuesday, June 29th. The shares were sold at an average price of $14.20, for a total value of $214,178.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,360,540 shares of company stock worth $9,466,450. Insiders own 40.83% of the company’s stock.

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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Institutional Ownership by Quarter for ContextLogic (NASDAQ:WISH)

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