Long Position on WISH @ $13.60 on 6/22/2021 (Momentum)

ContextLogic Inc. (WISH) 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.

It also engages in the operation of an online marketplace, that include Geek, Mama, Home, Cute, and Joyful Shopping.

On May 12th, it reported a 1st Quarter March 2021 loss of $0.21 per share on revenue of $772.0 million. The consensus estimate was a loss of $0.18 per share on revenue of $743.1 million. 

The company said it expects second quarter revenue of $715.0 million to $730.0 million. The current consensus revenue estimate is $759.13 million for the quarter ending June 30, 2021. The Company reports August 12th.

Shares have formed a bullish "cup and handle" and are expected to move higher. Share prices have also climbed above their 50-day moving average.

Last Trade: $13.60

Trading Range: $7.52 to $32.85

Stop Loss: $13.00

Target Price: $15.20

Updates

7/14/2021 11:20:18 AM

WISH closed at 10

Position closed on 7/14/2021 at price of $10.00 with a -26.47% loss in 22 days.

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