Is ContextLogic a Meme Stock That Will Grant Your Wish?
In the past month, shares of online shopping platform ContextLogic (NASDAQ: WISH), operating as Wish, are up over 40% on strong volume. The buying frenzy mostly comes from traders in the r/WallStreetBets community, who have identified the company as a "meme stock" due to its eccentric business model and high short-selling interest. Over 7% of the company's shares outstanding are sold short.
Sometimes, undervalued companies could really use a catalyst to kick-start their share price -- and that time has finally come for Wish after the stock lost nearly 50% of its value since its IPO last December. Should investors bet on the consumer goods company in hopes of doubling up?
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Source Fool.com
