Meme stocks appear to have taken over the stock market as a whole. Even if you don’t believe it, you’d have to admit that they’ve become major discussion points.
Recently, ContextLogic has been all over the place. ContextLogic shares soared as much as 22% on Monday, as retail investors on Reddit investing threads hailed the e-commerce stock as the week’s best bet.
Wish.com is a subsidiary of ContextLogic Inc., which provides e-commerce services. The company assists businesses in reaching out to clients and allows users to customise shopping and locate items. Wish caters to clients all around the world. It has offices throughout Europe, North America, South America, and other parts of the world.
As of June 22nd, 2021, Contextlogic Inc is trading at 13.40. Since the start of the trading day, the price has dropped by -0.74 percent. The stock opened at a price of $13.5.
The price activity and volatality is out of control, and a rising number of traders are becoming agitated. Many compare it to a circus show, calling it a market disgrace.
ContextLogic’s stock was up more than 22% at one point on Monday, but it’s currently down around 2%. As the stock has been under a lot of pressure over the previous month, that level has been a solid support. Keep in mind that earlier this year, this stock was trading at around $30.
According to wsbsentiment.io, the stock is third most mentioned meme stock in the last 24hrs after GameStop and AMC Entertainment.
ContextLogic and PrestaShop Collaboration
The recent surge was fueled by a new collaboration with PrestaShop, a French e-commerce platform.
Wish, which is owned and run by ContextLogic, will be designated as a PrestaShop official “Trusted Partner.” It will also be provided a merchant-specific landing page on the PrestaShop platform.
Meanwhile, customers on the Wish marketplace will have access to over 300,000 merchants and brands on the PrestaShop platform.
Merchants using the PrestaShop platform will have free access to a direct connection module that connects them to Wish’s merchant dashboard. PrestaShop and Wish will sync their items and orders thanks to this plugin.
PrestaShop businesses will also have access to a variety of extra marketing and sales tools, as well as a number of unique offers.
WISH stock looks to be evolving from a “one-hit wonder” meme stock to a “long-term success” meme stock. WISH stock will reward investors handsomely in the long run. WISH stock, according to experts, is fundamentally undervalued, and not just a little. The consensus price objective for the stock is around $20. This is due to its customer-drawing business strategy of delivering low-cost items at low-cost rates. WISH stock was up 22% on Monday, but it has lost 37.2 percent since the beginning of the year.