ContextLogic (WISH) - Get Report, shares jumped Monday after the San Francisco-based e-commerce platform unveiled a partnership with PrestaShop, an e-commerce platform focused on Latin America and Europe.
The two-year accord will enable 300,000 merchants and brands on the PrestaShop platform to sell on the Wish marketplace. ContextLogic does business as Wish.
ContextLogic recently traded at $11.34, up 13%. It has moved up 40% over the past month amid recent enthusiasm from the Reddit crowd.
Wish will enjoy “trusted partner” status on PrestaShop and will have a special landing page on the Paris company's platform for merchants.
In other meme stock news Monday, Torchlight Energy Resources (TRCH) - Get Report jumped as the oil and gas producer appears to have joined the meme stock club.
Torchlight received the third-most mentions in the Stocktwits chatroom over the past 24 hours, with 142,117, Bloomberg reported Monday morning. It trailed only AMC Entertainment (AMC) - Get Report and Ocugen (OCGN) - Get Report.
“Sitting pretty with my stack to hold through merger, and several stacks shorty can use to make me rich,” JSpores wrote on Stocktwits Monday.
The downgrade had come after the Reddit crowd helped push the stock up 26% to $28.87 last Tuesday. The stock fell back to $24.14 at Friday’s close, making Sanderson more comfortable.
“Nothing last week changed our outlook or the fundamentals of the business,” Sanderson wrote in a commentary cited by Bloomberg.