Wish till 69$?
ContextLogic has a relatively small float of 338.76 million shares and institutions own a bizarre 92.90% of its total available shares while insiders own another 4.89%. That leaves only 2.21% of its shares available for retail traders which is perplexing considering the amount of traders on social media who claim to own it.
@MrZackMorris, an influential user among the Fintwit community, gave his 485,000 followers a price target of $69 for ContextLogic’s stock on Monday and a massive amount of his followers look to have purchased the stock.
The stock is a good distance from $69, which would be a new all-time high for the stock by a mile, but ContextLogic does look to be headed higher.
$WISH PT $69. No Cap pic.twitter.com/n5rPO2rmkk
See Also: Wish Sees Extremely-High WallStreetBets Interest As Stock Surges; Clean Energy Fuels, AMC, BlackBerry Other Top Trends
The ContextLogic Chart: After shooting up and making a new high Tuesday morning, ContextLogic’s stock began to consolidate on lower time frames and fell back below an area of resistance, near the $13.60 level, that had given it difficulty on Monday. The consolidation helped to cool off the relative strength index which surpassed 65% at one point.
ContextLogic has seen massive volume in its stock over the past 11 trading days, quadrupling its average daily volume over that time to about 158 million shares. By 11:50 a.m. on Tuesday, 149 million of ContextLogic's float had already changed hands.
https://www.reddit.com/r/StockMarket/comments/o69o4n/wish_till_69/
