BlackRock Fund Advisors recently announced the acquisition of new stake in ContextLogic Inc. (NASDAQ:WISH). The institutional investor has increased its shareholding in the Consumer Cyclical company by 7.40% to 34.56 million shares with purchase of 2.38 million shares. This fresh investment now brings its stake to 5.11% valued currently at $27.06 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.21 million to 13.56 million shares. And Renaissance Technologies LLC has lifted its position by 43.45% or 3.59 million shares – to 11.86 million shares.
With over 25.96 million ContextLogic Inc. (WISH) shares trading Friday and a closing price of $0.67 on the day, the dollar volume was approximately $17.39 million. The shares have shown a negative half year performance of -59.01% and its price on 11/18/22 lost nearly -6.88%. Currently, there are 673.00M common shares owned by the public and among those 582.66M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for WISH have a consensus price objective of $2.40. The analysts have set the share’s price value over the next 12 months at a high of $5.70 and a low of $0.50. The average price target is 69.68% above its recent price level and a downside to the estimated low will see the stock lose -34.0% over that period. But an upside of 88.25% will see the stock hit the forecast high price target while median target price for the stock is $1.00.
Insiders at the company have transacted a total of 216 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 80 of these insider trades were purchases, accounting for 65,979,184 shares. Insider sales of the common stock occurred on 136 occasions, with total insider shares sold totaling 43,012,469 shares.
The top 3 mutual fund holders in ContextLogic Inc. are iShares Russell 2000 ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Russell 2000 ETF owns 12.66 million shares of the company’s stock, all valued at over $9.91 million. The company sold -0.23 million shares recently to bring their total holdings to about 2.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.23 million shares to bring its total holdings to over 11.83 million shares at a value of $9.26 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.75% of the shares outstanding.
Shares of ContextLogic Inc. (NASDAQ: WISH) opened at $0.7411, up $0.02 from a prior closing price of $0.72. However, the script later moved the day high at 0.7488, down -6.88%. The company’s stock has a 5-day price change of -18.73% and -50.57% over the past three months. WISH shares are trading -78.38% year to date (YTD), with the 12-month market performance down to -84.69% lower. It has a 12-month low price of $0.63 and touched a high of $4.76 over the same period. WISH has an average intraday trading volume of 17.99 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.54%, -18.57%, and -57.24% respectively.
Institutional ownership of ContextLogic Inc. (NASDAQ: WISH) shares accounts for 46.80% of the company’s 673.00M shares outstanding. Mutual fund holders own 15.54%, while other institutional holders and individual stakeholders account for 30.76% and 12.69% respectively.
It has a market capitalization of $489.02M. The earnings-per-share (ttm) stands at -$0.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.94% over the week and 10.15% over the month.
Analysts forecast that ContextLogic Inc. (WISH) will achieve an EPS of -$0.2 for the current quarter, -$0.25 for the next quarter and -$0.64 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.23 while analysts give the company a high EPS estimate of -$0.17. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to increase by 54.80%, and 5.40% over the next financial year. EPS should grow at an annualized rate of 0.90% over the next five years, compared to -17.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate ContextLogic Inc. (WISH) as a “Hold” at a consensus score of 3.20. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the WISH, a number of firms have released research notes about the stock. Loop Capital stated their Hold rating for the stock in a research note on March 22, 2022, with the firm’s price target at $4-$2. UBS coverage for the ContextLogic Inc. (WISH) stock in a research note released on December 02, 2021 offered a Neutral rating with a price target of $4. Oppenheimer was of a view on October 04, 2021 that the stock is Underperform, while Stifel gave the stock Hold rating on August 13, 2021, issuing a price target of $12- $8. Loop Capital on their part issued Buy rating on August 13, 2021.