Zacks Investment Research Upgrades Shift Technologies (NASDAQ:SFT) to Buy

Zacks Investment Research upgraded shares of Shift Technologies (NASDAQ:SFT) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. They currently have $7.25 price objective on the stock.

According to Zacks, “Shift Technologies Inc. provides end-to-end auto ecommerce platform. Shift Technologies Inc., formerly known as Insurance Acquisition Corp., is based in SAN FRANCISCO, Calif. “

A number of other equities analysts have also recently commented on SFT. Truist Financial assumed coverage on Shift Technologies in a research note on Friday, September 10th. They issued a buy rating and a $12.00 price target on the stock. Oppenheimer assumed coverage on Shift Technologies in a research report on Tuesday, August 24th. They issued an outperform rating and a $12.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Shift Technologies in a research report on Tuesday, October 5th. They issued an overweight rating and a $12.00 price objective on the stock. Piper Sandler lifted their price objective on Shift Technologies from $14.00 to $16.00 and gave the stock an overweight rating in a research report on Tuesday, June 29th. They noted that the move was a valuation call. Finally, Truist assumed coverage on Shift Technologies in a research report on Friday, September 10th. They issued a buy rating and a $12.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Shift Technologies has a consensus rating of Buy and a consensus target price of $13.33.

Shares of Shift Technologies stock opened at $6.81 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 4.39 and a quick ratio of 3.00. The business’s 50 day simple moving average is $7.56 and its two-hundred day simple moving average is $7.93. The stock has a market capitalization of $573.24 million, a P/E ratio of -4.08 and a beta of 0.74. Shift Technologies has a one year low of $6.16 and a one year high of $12.75.

Shift Technologies (NASDAQ:SFT) last announced its quarterly earnings results on Tuesday, August 10th. The company reported ($0.41) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.43) by $0.02. The business had revenue of $154.85 million for the quarter, compared to analysts’ expectations of $127.91 million. Shift Technologies had a negative return on equity of 85.42% and a negative net margin of 25.94%. Sell-side analysts expect that Shift Technologies will post -1.9 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of SFT. Ameritas Investment Partners Inc. purchased a new position in shares of Shift Technologies in the second quarter worth $42,000. Legal & General Group Plc purchased a new stake in Shift Technologies during the second quarter valued at $45,000. Royal Bank of Canada increased its position in Shift Technologies by 137.6% during the second quarter. Royal Bank of Canada now owns 6,249 shares of the company’s stock valued at $53,000 after acquiring an additional 3,619 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in Shift Technologies by 187.2% during the second quarter. Schonfeld Strategic Advisors LLC now owns 12,100 shares of the company’s stock valued at $104,000 after acquiring an additional 7,887 shares during the last quarter. Finally, Walleye Trading LLC purchased a new stake in Shift Technologies during the first quarter valued at $114,000. Hedge funds and other institutional investors own 49.64% of the company’s stock.

Shift Technologies Company Profile

Shift Technologies, Inc provides end-to-end auto ecommerce platform for buying and selling of used cars. The company operates through two segments, Retail and Wholesale. It engages in the retail sale of used vehicles through its platform that enables mobile digital transaction, such as car searching, scheduling an on-demand test drive, and purchasing at home or at the preferred site of a test drive, as well as provides financing and services.

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