Shift Technologies Inc. [NASDAQ: SFT] closed the trading session at $9.21 on 11/27/20. The day’s price range saw the stock hit a low of $9.10, while the highest price level was $11.49. The company report on November 26, 2020 that Shift Announces Exchange Offer and Consent Solicitation Relating to its Public Warrants.
Shift Technologies, Inc. (NASDAQ: SFT), “Shift,” a leading end-to-end ecommerce platform for buying and selling used cars, announced that it has commenced an offer to exchange (the “Offer”) relating to its outstanding publicly traded warrants (the “Public Warrants”). Shift is offering to exchange 0.25 shares of its Class A common stock (“Class A Common Stock”) and $1.00 in cash, without interest (together, the “Exchange Consideration”), for each Public Warrant tendered.
Concurrently with the Offer, Shift is soliciting consents (the “Consent Solicitation”) from holders of the Public Warrants to amend the Warrant Agreement, dated as of March 22, 2019, which governs all of the Public Warrants to permit Shift to require that each outstanding Public Warrant be converted into a combination of 0.225 shares of its Class A Common Stock and $0.90 in cash, without interest (the “Conversion Consideration”), which Conversion Consideration is a ratio that is approximately 10% less than the Exchange Consideration applicable to the Offer.
The stocks have a year to date performance of -7.90 percent and weekly performance of 37.16 percent. The stock has been moved at -8.54 percent over the last six months. The stock has performed 2.33 percent around the most recent 30 days and changed -29.10 percent over the most recent 3-months.
If compared to the average trading volume of 707.68K shares, SFT reached to a volume of 8471451 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Shift Technologies Inc. [SFT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SFT shares is $15.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SFT stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wedbush have made an estimate for Shift Technologies Inc. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on November 13, 2020.
The Average True Range (ATR) for Shift Technologies Inc. is set at 0.95, with the Price to Sales ratio for SFT stock in the period of the last 12 months amounting to 4.93. The Price to Book ratio for the last quarter was 0.36, with the Price to Cash per share for the same quarter was set at 0.00.
SFT stock trade performance evaluation
Shift Technologies Inc. [SFT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 37.16. With this latest performance, SFT shares gained by 2.33% in over the last four-week period, additionally sinking by -8.54% over the last 6 months.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SFT stock in for the last two-week period is set at 55.00, with the RSI for the last a single of trading hit 63.43, and the three-weeks RSI is set at 50.59 for Shift Technologies Inc. [SFT]. The present Moving Average for the last 50 days of trading for this stock 9.95, while it was recorded at 7.75 for the last single week of trading.
Shift Technologies Inc. [SFT]: An insightful look at the core fundamentals
Shift Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.
Shift Technologies Inc. [SFT]: Insider Ownership positions
There are presently around $116 million, or 15.40% of SFT stock, in the hands of institutional investors. The top three institutional holders of SFT stocks are: FMR LLC with ownership of 1,745,118, which is approximately New of the company’s market cap and around 23.20% of the total institutional ownership; SCOPUS ASSET MANAGEMENT, L.P., holding 1,465,000 shares of the stock with an approximate value of $13.49 million in SFT stocks shares; and DAVIDSON KEMPNER CAPITAL MANAGEMENT LP, currently with $13.06 million in SFT stock with ownership of nearly 81.103% of the company’s market capitalization.
33 institutional holders increased their position in Shift Technologies Inc. [NASDAQ:SFT] by around 7,834,208 shares. Additionally, 41 investors decreased positions by around 7,153,757 shares, while 1 investors held positions by with 2,415,236 shares. The mentioned changes placed institutional holdings at 12,572,729 shares, according to the latest SEC report filing. SFT stock had 20 new institutional investments in for a total of 5,951,126 shares, while 31 institutional investors sold positions of 5,179,676 shares during the same period.