Why ContextLogic Stock Is Seeing Blue Skies

ContextLogic Inc WISH shares are trading higher by 18.94% to $8.54 Friday morning after the company announced a $50 million buyback program.

What Else?

ContextLogic says the buyback program is effective through the end of 2023.

The company says under the share repurchase program, ContextLogic may repurchase its common stock through open market transactions, in privately negotiated transactions or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions.

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Per an SEC filing, ContextLogic says the repurchase program may be suspended, terminated or modified at any time for any reason.

According to data from Benzinga Pro, WISH has a 52-week high of $63.60 and a 52-week low of $6.86.