Investors in ContextLogic (NASDAQ:WISH) and WISH stock have been on a roller coaster ride this year. This global e-commerce player focused on providing access to lower-cost items has seen a surge of investor interest since going public in 2020. Indeed, WISH stock appears to have gotten caught up in the meme stock rally.
Since peaking at more than $32 per share in early February, WISH stock has been on a downward trajectory. A number of factors are responsible for this decline. However, it appears WISH stock is one of those cases where retail buying support wasn’t enough to buoy this name.
But now, it appears that retail sentiment is stronger than before. Today’s move of more than 18% to the upside in WISH stock is indicative of that. Indeed, the number of mentions with this stock on popular social media platforms like Reddit’s r/WallStreetBets are soaring right now.
As fellow InvestorPlace writer William White pointed out in a recent piece, WISH has become a social media favorite. Indeed, this is a stock that has seen heavy volume in recent days. As retail investors assess their next target, the list of potential meme stocks is growing. And ContextLogic appears, at least for now, to have secured a spot.
Let’s dive into what’s driving this sentiment around ContextLogic today.
What Investors Need to Know About WISH Stock
- ContextLogic is based out of San Francisco.
- Wish was founded in 2010, and by 2017 was the most-downloaded e-commerce app in the U.S.
- ContextLogic’s wish.com platform is touted as the “next generation mobile shopping platform (Wish) that connects global users with global merchants.”
- The company focuses on providing low-priced merchandise to buyers. Additionally, ContextLogic removes the middleman from transactions, eliminating fees that tend to bring up the price of these items.
- The company’s “Blitz Buy” game provides a level of gamification to the buying process for top-selling items.
- Recently, WISH stock has become a favorite of retail investors. The company’s rather high level of short interest (around 15% currently) has stoked demand for this stock as a potential short-squeeze play.
- Currently, WISH stock trades around $13.50 per share.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.