ContextLogic Shares Drop Following Rating Downgrade, CFO Departure

July 2, 2021 8:12 AM | 1 min read | Make a Comment

Evercore ISI analyst Shweta Khajuria downgraded ContextLogic Inc WISH to In-Line from Outperform rating with a price target of $13, down from $17.
CFO Rajat Bahri resigned from the mobile e-commerce company effective July 23 after four and a half years. The company did not provide a reason for the abrupt departure.
It announced plans to reopen its offices. The company declared flexible working options for the majority of its employees.
In May, the company beat the Q1 revenue analyst consensus by 3.9% as the revenue jumped 75% year-on-year to $772 million. It missed the EPS consensus by 16.7% at $(0.21).
WISH shares lost 15% in the last week.
Price action: WISH shares traded lower by 1.39% at $12.07 in the premarket session on the last check Friday.