Connect with us

Hi, what are you looking for?

Stock

ContextLogic stock jumped 40% on Friday: here’s the catalyst

Shares of ContextLogic Inc (NASDAQ: WISH) went up as much as 40% today after the eCommerce company announced a share repurchase programme.

How many shares will it buy back?

On Friday, the Nasdaq-listed firm confirmed that it plans on buying back up to $50 million worth of its stock.

The programme that will be effective through December 31st, 2023 does not obligate ContextLogic to repurchase any particular number of shares. In the press release, CFO Vivian Liu said:

This share repurchase programme demonstrates the Board’s and management’s confidence in the future of our business and our commitment to creating long-term, sustainable value for our shareholders.

Versus its year-to-date high, ContextLogic stock is still down about 65%.

ContextLogic to report earnings next month

ContextLogic is scheduled to report its Q3 results in the first week of next month. Consensus is for it to lose $3.92 a share this quarter versus $1.8 per share a year ago.

The stock market news arrives only weeks after the California-based company executed a 1-for-30 reverse split. CFO Liu also wrote today:

We believe the current market doesn’t reflect the long-term value of our shares and this share repurchase programme will support our efforts to unlock the long-term value and opportunity we see ahead.

Last month, “WISH” teamed up with ShipSage to enable faster order fulfilment for U.S. merchants. Nonetheless, Wall Street currently has a consensus “underweight” rating on ContextLogic stock.

The post ContextLogic stock jumped 40% on Friday: here’s the catalyst appeared first on Invezz.

    You May Also Like

    Stock

    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...

    Economy

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Richpeoplenetworks.com