ContextLogic (NASDAQ: WISH), the company behind the e-commerce platform Wish, slipped 2% in Wednesday premarket trading – extending a long period of losses over the course of this year. In what can be perceived as an alarming red flag, Wish’s CEO announced today the competition of a third stock sell-off – leaving investors apprehensive regarding the company’s growth prospects.
Wish CEO Piotr Szulczewski sold 77,886 shares of stock dated at the end of last week. The shares were sold at an average price of $3.00 – resulting in a total sale value of $233,658. Yet this isn’t the first time Wish stock has been victim to insider selling; in fact, Szulczewski sold another load of shares in October for a total of 77,290 shares at a price of $4.89, and in November for a total of 73,904 shares at an average price of $5.00.
Some would argue that the sell-off is a bearish continuation of an already struggling company. Based on the company’s disappointing Q321 results, sentiment lately has definitely been geared towards sellers – especially given the lack of inspiring Q4 guidance that followed. Some might see the stock’s 80% downfall as a low-price entry; yet the fundamentals simply don’t add up here, hindered further by clear-cut insider selling.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.