ContextLogic Inc. (WISH) is a mobile e-commerce company that operates the Wish platform, which connects users to merchants. On April 11, the company enacted a 1-for-30 reverse split of its Class A common stock, reducing the number of shares of outstanding common stock.
However, the market does not seem to have taken this move positively, as the stock has lost 26.7% since April 12, closing the last trading session at $7.19, lower than its 50-day moving average of $8.42 and 200-day moving average of $18.45.
