Fintel reports that Formation8 Partners Fund I has filed a 13G/A form with the SEC disclosing ownership of 33.96MM shares of ContextLogic Inc (WISH). This represents 4.9% of the company.
In their previous filing dated February 14, 2022 they reported 51.04MM shares and 8.80% of the company, a decrease in shares of 33.48% and a decrease in total ownership of 3.90% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 143.78% Upside
As of February 8, 2023, the average one-year price target for ContextLogic is $1.73. The forecasts range from a low of $0.50 to a high of $5.98. The average price target represents an increase of 143.78% from its latest reported closing price of $0.71.
The projected annual revenue for ContextLogic is $706MM, a decrease of 4.26%. The projected annual EPS is $-0.54.
Fund Sentiment
There are 302 funds or institutions reporting positions in ContextLogic. This is a decrease of 17 owner(s) or 5.33%.
Average portfolio weight of all funds dedicated to US:WISH is 0.0687%, a decrease of 33.6374%. Total shares owned by institutions decreased in the last three months by 5.44% to 249,809K shares.
What are large shareholders doing?
GGV Capital holds 25,707,499 shares representing 3.46% ownership of the company. In it's prior filing, the firm reported owning 30,835,321 shares, representing a decrease of 19.95%. The firm decreased its portfolio allocation in WISH by 48.99% over the last quarter.
General Atlantic holds 18,288,478 shares representing 2.46% ownership of the company. In it's prior filing, the firm reported owning 16,888,478 shares, representing an increase of 7.66%. The firm decreased its portfolio allocation in WISH by 55.20% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 13,431,358 shares representing 1.81% ownership of the company. In it's prior filing, the firm reported owning 14,970,537 shares, representing a decrease of 11.46%. The firm decreased its portfolio allocation in WISH by 57.10% over the last quarter.
IWM - iShares Russell 2000 ETF holds 12,661,117 shares representing 1.71% ownership of the company. In it's prior filing, the firm reported owning 12,982,333 shares, representing a decrease of 2.54%. The firm decreased its portfolio allocation in WISH by 51.55% over the last quarter.
Renaissance Technologies holds 11,855,639 shares representing 1.60% ownership of the company. In it's prior filing, the firm reported owning 8,264,800 shares, representing an increase of 30.29%. The firm decreased its portfolio allocation in WISH by 21.37% over the last quarter.
ContextLogic Background Information
(This description is provided by the company.)
ContextLogic Inc., doing business as Wish.com, provides e-commerce services. The Company helps merchants to reach customers, as well as enable users to personalize shopping and find the products. Wish serves customers worldwide.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
