One of the hardest hit retail stocks this year has been the massive e-commerce company ContextLogic Inc. (NASDAQ: WISH) who does business as wish.com. Company H122 revenue has dropped by half when compared to H121, and the company shares have fallen from $3.22/share to $.95/share as I write this.
WISH has been the dollar store version of the e-commerce sector, often selling goods (mainly from China) at unbelievably low prices, but issues such as late, or non, delivery and merchandise quality have plagued the company. I have purchased from wish.com a handful of times (women’s clothing) and had no issues.
Since I’m evaluating WISH as a potential gainer in the near term, I won’t dwell on what happened to bring them to this point, the company and investors know what issues have impacted the company, but rather on whether they can improve stakeholder value.
WISH just hired their third CEO in a one-year period, the previous CEO lasted seven months. Looking for a turnaround, WISH has hired Joe Yan as CEO on an interim basis. Mr. Yan is a former Vice President of the company and is a partner in GGV Capital, an institution that owns, as of late June, 5% of the company shares.
Everyone wonders how the company did in Q322, but WISH hasn’t reported their results yet. I do know the company’s market cap is $650M and at the end of H122 they had that much in cash. Analysts are still holding a target of $4-7.00/share.
We will be back with a tiny float NASDAQ trading at 1/3 book value. Report coming Monday 9-26-22 at or near market open. Details Here
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