ContextLogic stock jumped 40% on Friday: here’s the catalyst

Shares of ContextLogic Inc (NASDAQ: WISH) went up as much as 40% today after the eCommerce company announced a share repurchase programme.

How many shares will it buy back?

On Friday, the Nasdaq-listed firm confirmed that it plans on buying back up to $50 million worth of its stock.

The programme that will be effective through December 31^st, 2023 does not obligate ContextLogic to repurchase any particular number of shares. In the press release, CFO Vivian Liu said:

Versus its year-to-date high, ContextLogic stock is still down about 65%.

ContextLogic to report earnings next month

ContextLogic is scheduled to report its Q3 results in the first week of next month. Consensus is for it to lose $3.92 a share this quarter versus $1.8 per share a year ago.

The stock market news arrives only weeks after the California-based company executed a 1-for-30 reverse split. CFO Liu also wrote today:

Last month, “WISH” teamed up with ShipSage to enable faster order fulfilment for U.S. merchants. Nonetheless, Wall Street currently has a consensus “underweight” rating on ContextLogic stock.