Why ContextLogic Stock Is Surging Today

ContextLogic Inc WISH Is trading significantly higher on above-average volume Tuesday as retail traders pile into the stock.

The average daily volume for the e-commerce platform company is just below 10 million, but at publication time, the daily volume was nearing 175 million.

On May 12, ContextLogic reported quarterly revenue of $772 million, which beat the estimate of $743.09 million and represented 75% year-over-year growth.

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ContextLogic is trending across social media platforms as retail traders discuss price targets well above current levels. At publication time, it was the number one trending stock on Stocktwits. 

Price Action: ContextLogic has traded as high as $32.84 and as low as 36 cents since its IPO in December 2020. 

At last check Tuesday, the stock was up 52.80% at $11.86.

Photo courtesy of WISH.