5 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into

3. ContextLogic Inc. (NASDAQ: WISH)

Number of Hedge Fund Holders: 25

ContextLogic Inc. (NASDAQ: WISH) is a California-based mobile ecommerce firm. It is ranked third on our list of 10 Reddit’s WallStreetBets meme stocks hedge funds are piling into. On July 6, the company announced that ContextLogic B.V, the Dutch arm of the business, had been granted a payment license for the European Union region. The share price of the firm jumped more than 5% after the announcement, which a company official said was the first step towards becoming a payment service provider in Europe. 

On May 13, investment advisory Stifel maintained a Hold rating on ContextLogic Inc. (NASDAQ: WISH) stock but lowered the price target from $20 to $12 following a disappointing quarterly earnings report of the company.

Out of the hedge funds being tracked by Insider Monkey, New York-based firm JS Capital is a leading shareholder in ContextLogic Inc. (NASDAQ: WISH) with 8.3 million shares worth more than $131 million.