The digital marketplace, headquartered in San Francisco, connects merchants and users via its website. The stock has soared 25.13% in the last five days.
Although Redditors are flocking to ContextLogic Inc. (NASDAQ:WISH) to benefit from the upside in shares, Loop Capital analyst Laura Champine on March 22 downgraded ContextLogic Inc. (NASDAQ:WISH) to Hold from Buy with a price target of $2, down from $4. The analyst is concerned about inflation and the company’s increased exposure to Europe. It also appears that the management has its “hands full”. However, Champine believes that ContextLogic Inc. (NASDAQ:WISH) is “reasonably valued”, and the company is lowering advertising expenses and working on the platform’s value proposition, but at 0.4-times her expected 2022 revenue.
The hedge fund sentiment around ContextLogic Inc. (NASDAQ:WISH) is mixed.
In 2021, the forum reported more than 100,000 active communities and there were over 430 million monthly active users.
While Reddit investors and the decade-old WallStreetBets forum has been criticized for creating meme stocks and driving up the prices of neglected stocks to insane levels, it shows the magnitude of influence that the Reddit community holds in the market. As the Reddit IPO nears, there are concerns in the market that Redditors will flock to the stock and drive the valuation and price up on hype alone, much like AMC Entertainment Holdings, Inc.
(NYSE:AMC) and GameStop Corp. (NYSE:GME).
In the last week, Redditors have been focused on a bunch of stocks that are gaining traction in the market, including Shopify Inc. (NYSE:SHOP), Alibaba Group Holding Limited (NYSE:BABA), and Tesla, Inc. (NASDAQ:TSLA), among others discussed in detail below.
Rahul, a Reddit engineer, talks about how the social media platform is trying to increase user participation by adopting various cryptocurrency schemes.
Reddit may soon turn user’s karma points into ERC20 tokens
According to a newly hired Reddit programmer, the American social media behemoth may soon turn users’ karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto users in the process.
Rahul, a Reddit programmer, highlighted Reddit’s efforts to boost user interaction through various cryptocurrency initiatives in a series of tweets. Cointelegraph stated in July 2021 that the site had developed Community Points, a layer-2 rollup for its rewards points based on Arbitrum Technology.
Surely there are better ways to monetize than just creating walled gardens.
One that is a WIN-WIN.
Reddit to says points 500m news
We point this out to encourage everyone here to move to token-based 2FA.”
El Reg also highly recommends hardware tokens for multi-factor authentication rather than SMSes. Text messages can, for example, be intercepted by scumbags hijacking phone accounts in so-called port-out scams, or through SS7 tricks, or through browser-based attacks, or potentially eavesdropped over the air.
In this instance, it is not known exactly how the login SMSes were grabbed – they could have been phished, after all.
The attackers managed to snaffle a backup database of information that was submitted to the site from its launch in 2005 until May 2007, including usernames, passwords (although these were salted and hashed), email addresses, and all content including public and private messages.
That sounds bad, however, there are mitigating factors.
NASDAQ:UPST)’s credit buyers and the securitization market.
Among the hedge funds tracked by Insider Monkey, Dan Loeb’s Third Point is the largest shareholder of Upstart Holdings, Inc. (NASDAQ:UPST), owning 4 million shares worth $605.2 million. Overall, 20 hedge funds were bullish on the stock at the end of the fourth quarter of 2021.
Hereis what Alger Spectra Fund has to say about Upstart Holdings, Inc.
( NASDAQ:UPST) in its Q4 2021 investor letter:
“Upstart operates a cloud-based artificial intelligence (Al) lending platform. The platform aggregates consumer demand for loans and connects it to the company’s network of Al-enabled bank partners.
The technology connects consumers, banks and institutional investors through a shared Al lending platform.
FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which, according to Rahul, will be scaled for gasless transactions:
Moreover, Reddit communities will also have the ability to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.
“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.”
Related:Reddit may be preparing to launch its own NFT platform
Reddit has been home to a number of community-driven crypto initiatives including Dogecoin (DOGE) fundraisers and continues to cater to a vast crypto community.
Ohanian expressed confidence in the expanding entrepreneurial and software activity in crypto. As a result, the corporation invests 40 percent of its existing money in the industry, with the rest going to areas like space exploration, climate change, and food.
Mr. Ohanian stated of the firm’s crypto assets, By the end of this year, it will constitute the majority of the portfolio.
The firm’s money will be split between 2 new funds. One of these is the $300 million 776 Fund II, which was established to promote early-stage crypto businesses.
The federation wants a plan before a meeting.
The league doesn’t believe the plan won’t be shared with its competitors, but requires USSF sanctioning for one because Commisso wants to continue to recruit players of national team caliber and playing in a non-FIFA recognized “Division Zero” league would prohibit that.
And time is on the USSF’s side, not the NASL. While Commisso and other owners have the money to restart their teams at any time, other markets necessary to the league’s reclamation need time.
Commisso says U.S.
Contribution margin, which is a measure of how products contribute to the overall profits of a company, was 46%. We believe Upstart is appropriately balanced between maintaining profitability while driving growth.”
DiDi Global Inc. (NYSE:DIDI)
Gain in Share Price in the Last 5 Days as of March 23: 55.51%
Number of Hedge Fund Holders: 21
DiDi Global Inc. (NYSE:DIDI) is a Chinese mobility technology platform offering ride hailing and food delivery services. The company operates in China, Brazil, Mexico, and internationally. The stock has jumped over 55.5% in the past five days, as the Chinese tech crackdown nears an end and the government supports companies that are listed overseas.
Bernstein analyst Cherry Leung initiated coverage of DiDi Global Inc.
NYSE:GME) is an American retailer of gaming merchandise, video games, consumer electronics, and relevant accessories.
GameStop Corp. (NYSE:GME) is hot on Reddit again, as the stock soared 65.69% in the last five days, and multiple Redditors posted gains worth thousands of dollars from their bullish calls. GameStop Corp. (NYSE:GME) soared on March 23 when chairman Ryan Cohen purchased 100,000 shares of the company priced between $96.81 to $108.82.
On March 18, Wedbush analyst Michael Pachter lowered the price target on GameStop Corp.
NYSE:GME) to $30 from $45 and kept an Underperform rating on the shares. The analyst believes that GameStop Corp. (NYSE:GME) is on the right path with expanding its product offering to include PC games and accessories.
However, he thinks there will be limited success in developing an NFT marketplace by GameStop Corp. (NYSE:GME).
And Commisso says the federation’s latest communication says a meeting cannot happen with any board members, as they may be tainted by being subjects of NASL lawsuits. Commisso points out that he’s suing Flynn and Cordeiro as well.
Commisso — who has rallied against conflicts of interest between the USSF, Major League Soccer, and Soccer United Marketing — says he wanted to work out a deal with the federation and its board members, but his conditions were not met and the USSF’s conditions were a non-starter.
On the NASL side, Commisso did not wish to share what he deems “proprietary information” with board members, noting that several members of the USSF’s board of directors were his competitors due to ties with MLS and the USL.
Reddit engineer, Rahul, highlights the social media platform’s efforts to improve user interaction through various cryptocurrency initiatives.
American social media giant Reddit may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users in the process, according to a newly hired Reddit engineer.
A series of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-two rollup using Arbitrum technology for its rewards points, named Community Points.