Let’s not mince our words. There are a number of issues with California society ContextLogic (NASDAQ:TO WISH) which should be closed now, but was not. Without a doubt, it must be frustrating to own WISH stock hoping for new hardware updates, only to be disappointed day after day.

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For example, it was revealed on November 10, 2021 that Piotr Szulczewski was going to resign from his role as CEO of ContextLogic. That’s a really big deal, because Szulczewski is the company’s founder and served as its CEO for over a decade.

Regarding the announcement of a replacement, it is for the moment only radio silence. This is just one of many disturbing and infuriating issues that WISH shareholders have had to deal with.

Get ready, because now we’re going to dive into one of the worst performing stocks you’ll find on InvestorPlace. It’s not even a pop-and-drop; it’s more like a drop-and-drop-some-more.

WISH stock at a glance

It seems like a distant memory now, but shares of WISH cost $32 per share a year ago. Those were good times, but they weren’t meant to last.

In May 2021, the stock fell below the critical $10 level. The suffering didn’t end there, however, as ContextLogic’s stock price fell to $3 and changed by the end of the year.

Value hunters may have tried a “buy low, sell high” strategy at the time, but WISH stock simply did not fit in. Amazingly, the stock was trading at just $2 and changing at the end of January 2022.

There are no meaningful support levels to speak of here. After all, a stock must actually bounce to establish support.

Therefore, instead of trying to find value where there really is none, it is better to focus on the momentum of WISH stock. Clearly, the momentum is down and there is no reason to believe a reversal is imminent.

Bad products on the platform

In the world of e-commerce, reputation is everything. When customers cannot trust a platform’s products, the business will inevitably suffer.

This seems to be happening with ContextLogic’s e-commerce site, Wish.com. The sad truth is that this platform emphasizes low prices but not high quality.

In other words, the goods are cheap and only God knows if customers will receive anything resembling what is advertised. It is so serious that the French authorities have in fact order search engines and online platforms to remove Wish.com from their listings due to product safety concerns.

InvestorPlace Contributor Faizan Farooque concisely summed up the nasty details saying, “Based on their study of 140 Wish products online, authorities estimate that 45% of toys are unsafe and 90% or more of electronics are unsafe. . They also noted an alarming rate of cheap costume jewelry.

No need to wait and see

Graciously, Farooque recommended using a wait-and-see approach with ContextLogic. His politeness is certainly commendable, but we don’t have to be so charitable with this failing company.

Take a look, if you will, at ContextLogic’s press releases page. Is there anything worth reading there? The most recent update was from December last year.

By the way, this update concerns the installation of a vending machine in Times Square. No, we’re not kidding – it’s a vending machine press release.

In the meantime, there are more pressing issues that ContextLogic needs to address immediately. Besides the seemingly poor quality of Wish.com’s products, the company should do more to solve its tax issues.

The data paints an appalling picture. ContextLogic’s income fell from $606 million in the third quarter of 2020 to $368 million in the third quarter of 2021.

On the bottom line, ContextLogic reported a net profit loss of $175 million in the first nine months of 2020. Worse still, the company reported a net profit loss of $292 million in the first nine months of 2021.

Takeaway meals

There are a number of reasons to avoid WISH stocks altogether. Among them is rapidly deteriorating value.

Additionally, ContextLogic’s finances are problematic. Additionally, there is a lack of recent and important press releases.

On top of all that, there are legitimate concerns about the quality of products on the Wish.com platform. Overall, the outlook is negative and there is no defensible argument to support an investment in ContextLogic.

As of the date of publication, neither Louis Navellier nor the member of the InvestorPlace research staff principally responsible for this article holds (directly or indirectly) any position in the securities mentioned in this article.

Louis Navellier, who has been called “one of the most important fund managers of our time”, broke his silence by this shocking “say it all” video… exposing one of the most shocking events in our nation’s history… and the one thing every american should do today.