Founder Piotr Szulczewski Just Sold ContextLogic (WISH) Stock

Source: Ralf Liebhold /

ContextLogic (NASDAQ:WISH) stock is in the spotlight today following yet another sale from founder, former CEO and 10% owner Piotr Szulczewski. Now, shares are down more than 75% year-to-date (YTD) following a disastrous second-quarter earnings report.

For Q2, revenue declined by 80% year-over-year (YOY) to $134 million. ContextLogic also remained unprofitable, while core marketplace revenue totaled $54 million, down a significant 86% YOY. Investors should also note that WISH’s market capitalization of about $500 million currently trades under the company’s cash and cash equivalents figure of $693 million as of June 30.

CEO Vijay Talwar attributed ContextLogic’s recent poor performance to macroeconomic factors, which have impeded consumers’ willingness to spend money. However, the company has announced a rebranding of its e-commerce site, Wish, as part of its growth plan. Investors should receive further updates on the plan when the company reports third-quarter earnings on Nov. 9.

WISH Stock: Founder Piotr Szulczewski Continues Sales

On Oct. 21, former CEO Piotr Szulczewski reported selling 660,049 shares of WISH stock at an average price of 75 cents. Four days later, he unloaded another 1.38 million shares at an average price of 77 cents. Since August, Szulczewski has sold more than 20 million shares. That doesn’t exactly spell confidence for ContextLogic.

In the past year, WISH stock insiders have purchased 58.63 million shares and sold 43.54 million shares. However, the shares-purchased figure includes a non-open market acquisition of 57.12 million shares by Szulczewski for $0 per share on Aug. 9.

Excluding that event, insiders have only purchased 1.5 million shares of WISH stock in the past year.

ContextLogic Launches ‘Forced Smiles’ Campaign

Earlier this month, Wish announced that it had started the second phase of its global marketing brand program with its “Forced Smiles” campaign. The campaign features an ad that draws on the reaction of people receiving unwanted gifts. The seven-week long campaign began on Oct. 15 and will see Wish feature ads on television, streaming services, the radio and through social media platforms in countries like the United Kingdom, Germany, the U.S. and Italy.

Chief Product Officer and Chief Customer Officer Tarun Jain added the following about the campaign news:

“This second phase of our marketing campaign marks an important milestone for us, after a year of incredible transformation within the business, as we continue on our mission to build an even greater world of discovery for our shoppers and merchants.”

The company will also maintain its collaborations with content creators like Adrian Bliss and Harry Tate as part of the campaign. Ultimately, the campaign will work towards Wish’s rebranding strategy, which seeks to improve consumer and merchant experience, delivery times and product discoverability.

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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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