© Reuters ContextLogic (WISH) shares surge on bullish Citron Research tweets
By Sam Boughedda
ContextLogic Inc (NASDAQ:) shares surged Monday after Citron Research posted bullish tweets about the stock.
The firm tweeted that they were “reluctant to mention WISH” until they had seen the Super Bowl.
WISH shares are currently up over 39% at $0.89 after hitting a high of $1.07 per share when the news first broke. However, the stock is down more than 64% in the last 12 months.
“The $Wish business model seemed terminal….and then everything changed!!! It has now become the most assymetrical [sic] opportunity in the market,” they argue.
The firm also said that Temu (NASDAQ:) just had 2 Super Bowl ads and has recently been the number-one download app on the Apple platform, adding that WISH is the “exact same” business as Temu but trades at a “negative $450 mil enterprise market cap.”
With $832 million in cash as of the third quarter, no debt, and an untapped $280M credit line, WISH likely “has multiple years of liquidity available,” Citron adds.
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