Shift Technologies Inc. [NASDAQ: SFT] closed the trading session at $6.68 on 05/25/21. The day’s price range saw the stock hit a low of $6.50, while the highest price level was $6.74. The company report on May 25, 2021 that Shift Technologies, Inc. Announces Pricing of Upsized $125,000,000 Convertible Notes Offering.
Shift Technologies, Inc. (NASDAQ: SFT) announced the pricing of $125,000,000 aggregate principal amount of 4.75% convertible senior notes due 2026 (the “notes”) in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). Shift also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $25 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on May 27, 2021, subject to customary closing conditions, and is expected to result in approximately $119.7 million in net proceeds to Shift after deducting the initial purchasers’ discount and estimated offering expenses payable by Shift (assuming no exercise of the initial purchasers’ option to purchase additional notes). The size of the offering was increased from the previously announced $75,000,000 aggregate principal amount of the notes.
The notes will be senior unsecured obligations of Shift. The notes will bear interest at a rate of 4.75% per year, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The notes will mature on May 15, 2026, unless earlier repurchased, redeemed or converted.
The stocks have a year to date performance of -19.23 percent and weekly performance of -12.34 percent. The stock has been moved at 1.37 percent over the last six months. The stock has performed -15.66 percent around the most recent 30 days and changed -28.71 percent over the most recent 3-months.
If compared to the average trading volume of 1.71M shares, SFT reached to a volume of 6788325 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 $12.33 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 1.90. 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 Neutral, with their previous recommendation back on May 04, 2021. The new note on the price target was released on March 09, 2021, representing the official price target for Shift Technologies Inc. stock. Previously, the target price had yet another raise to $13, while DA Davidson analysts kept a Buy rating on SFT stock.
The Average True Range (ATR) for Shift Technologies Inc. is set at 0.52, with the Price to Sales ratio for SFT stock in the period of the last 12 months amounting to 2.90. The Price to Book ratio for the last quarter was 2.57, with the Price to Cash per share for the same quarter was set at 2.08.
SFT stock trade performance evaluation
Shift Technologies Inc. [SFT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -12.34. With this latest performance, SFT shares dropped by -15.66% in over the last four-week period, additionally plugging by 1.37% over the last 6 months – not to mention a drop of -33.66% in the past year of trading.
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 34.12, with the RSI for the last a single of trading hit 28.86, and the three-weeks RSI is set at 37.72 for Shift Technologies Inc. [SFT]. The present Moving Average for the last 50 days of trading for this stock 8.06, while it was recorded at 7.14 for the last single week of trading, and 9.44 for the last 200 days.
Shift Technologies Inc. [SFT]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Shift Technologies Inc. [SFT] shares currently have an operating margin of -38.96 and a Gross Margin at +3.91. Shift Technologies Inc.’s Net Margin is presently recorded at -30.22.
Return on Total Capital for SFT is now -38.35, given the latest momentum, and Return on Invested Capital for the company is -30.82. Return on Equity for this stock declined to -30.82, with Return on Assets sitting at -25.39. When it comes to the capital structure of this company, Shift Technologies Inc. [SFT] has a Total Debt to Total Equity ratio set at 5.85. Additionally, SFT Total Debt to Total Capital is recorded at 5.52, with Total Debt to Total Assets ending up at 4.44.
Reflecting on the efficiency of the workforce at the company, Shift Technologies Inc. [SFT] managed to generate an average of -$71,779 per employee. Receivables Turnover for the company is 46.46 with a Total Asset Turnover recorded at a value of 0.84.Shift Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.00 and a Current Ratio set at 4.10.
Shift Technologies Inc. [SFT]: Insider Ownership positions
There are presently around $203 million, or 47.00% of SFT stock, in the hands of institutional investors. The top three institutional holders of SFT stocks are: NANTAHALA CAPITAL MANAGEMENT, LLC with ownership of 5,006,840, which is approximately 32.163% of the company’s market cap and around 7.90% of the total institutional ownership; FMR LLC, holding 4,455,811 shares of the stock with an approximate value of $29.77 million in SFT stocks shares; and GOLDMAN SACHS GROUP INC, currently with $17.8 million in SFT stock with ownership of nearly 3.762% of the company’s market capitalization.
Positions in Shift Technologies Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 51 institutional holders increased their position in Shift Technologies Inc. [NASDAQ:SFT] by around 6,100,154 shares. Additionally, 40 investors decreased positions by around 7,673,636 shares, while 5 investors held positions by with 16,655,971 shares. The mentioned changes placed institutional holdings at 30,429,761 shares, according to the latest SEC report filing. SFT stock had 30 new institutional investments in for a total of 2,240,540 shares, while 17 institutional investors sold positions of 4,061,881 shares during the same period.