Why ContextLogic Stock Shot Higher Today
A well-regarded investor best known for going short is out with some bullish commentary on ContextLogic (NASDAQ: WISH), calling the e-commerce stock the "most asymmetrical opportunity" on his radar. Shares jumped higher as a result, trading up as much as 67.2% in the minutes after the comments were released.
ContextLogic runs Wish.com, a site that attempts to match consumers to deals on products they have expressed an interest in. The site has been around for more than a decade and generated more than $2 billion in sales last year but has largely been an also-ran among e-commerce sites.
Citron Research, a Wall Street firm that is best known for going short but sometimes publishes long ideas as well, believes fortune is about to turn in ContextLogic's favor. Citron, which is run by Andrew Left, said Monday on Twitter that Super Bowl ads for Pinduoduo-owned Temu, a Wish.com competitor, could "reintroduce" the world to the model.
Source Fool.com
