Benzinga | Jul 2, 2021 08:12AM EDT

ContextLogic Shares Drop Following Rating Downgrade, CFO Departure

* Evercore ISI analyst Shweta Khajuria downgraded ContextLogic Inc (NASDAQ:WISH) to In-Line from Outperform rating with a price target of $13, down from $17.

* CFO Rajat Bahri resigned from the mobile e-commerce company effective July 23 after four and a half years. The company did not provide a reason for the abrupt departure.

* It announced plans to reopen its offices. The company declared flexible working options for the majority of its employees.

* In May, the company beat the Q1 revenue analyst consensus by 3.9% as the revenue jumped 75% year-on-year to $772 million. It missed the EPS consensus by 16.7% at $(0.21).

* WISH shares lost 15% in the last week.

* Price action: WISH shares traded lower by 1.39% at $12.07 in the premarket session on the last check Friday.