Shift Technologies (NASDAQ:SFT) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Shift Technologies (NASDAQ:SFT) from a buy rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

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 brokerages have also issued reports on SFT. Truist Securities initiated 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. Truist Financial initiated 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 started coverage on Shift Technologies in a research note on Tuesday, August 24th. They issued an outperform rating and a $12.00 price target on the stock. Piper Sandler raised their price objective on Shift Technologies from $14.00 to $16.00 and gave the stock an overweight rating in a report on Tuesday, June 29th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. started coverage on Shift Technologies in a report on Tuesday, October 5th. They issued an overweight rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $12.66.

SFT opened at $6.87 on Tuesday. The company has a quick ratio of 3.00, a current ratio of 4.39 and a debt-to-equity ratio of 0.97. The firm has a market cap of $578.29 million, a P/E ratio of -4.11 and a beta of 0.74. Shift Technologies has a 52 week low of $6.16 and a 52 week high of $11.49. The business’s fifty day simple moving average is $7.45 and its 200 day simple moving average is $7.90.

Shift Technologies (NASDAQ:SFT) last posted its quarterly earnings data on Tuesday, August 10th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.02. The business had revenue of $154.85 million for the quarter, compared to analyst estimates of $127.91 million. Shift Technologies had a negative return on equity of 85.42% and a negative net margin of 25.94%. As a group, equities analysts expect that Shift Technologies will post -1.9 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. purchased a new stake in Shift Technologies during the 2nd quarter worth approximately $42,000. Legal & General Group Plc acquired a new position in shares of Shift Technologies in the 2nd quarter worth approximately $45,000. Royal Bank of Canada grew its position in shares of Shift Technologies by 137.6% in the 2nd quarter. Royal Bank of Canada now owns 6,249 shares of the company’s stock worth $53,000 after acquiring an additional 3,619 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Shift Technologies by 187.2% in the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 12,100 shares of the company’s stock worth $104,000 after acquiring an additional 7,887 shares in the last quarter. Finally, Walleye Trading LLC acquired a new position in shares of Shift Technologies in the 1st quarter worth approximately $114,000. Institutional investors own 49.64% of the company’s stock.

About Shift Technologies

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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