JP Morgan slashes price target on Shift Technologies Inc. [SFT] – find out why.


Shift Technologies Inc. [NASDAQ: SFT] closed the trading session at $3.08 on 01/05/22. The day’s price range saw the stock hit a low of $3.06, while the highest price level was $3.51. The company report on December 13, 2021 that Shift Technologies Announces New $100 million Floorplan Facility.

Shift (Nasdaq: SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, announced a $100 million committed floorplan facility with Ally Financial Inc. (NYSE:ALLY), a leading digital financial services company. The new floorplan financing relationship expands the companies’ business relationship and has a two-year term, expiring December 9, 2023.

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“Our business is rapidly scaling, with 2021 sales expected to more than triple compared to 2020. As a result, our financing needs have grown as well,” said Oded Shein, Shift’s CFO. “This new facility improves Shift’s capital position, doubling the availability of our previous floor plan, and increases our financial flexibility as we look to accelerate future growth. We are grateful to Ally for their support and confidence in Shift and look forward to a successful relationship.”.

The stocks have a year to date performance of -9.68 percent and weekly performance of -1.60 percent. The stock has been moved at -63.33 percent over the last six months. The stock has performed -29.20 percent around the most recent 30 days and changed -54.03 percent over the most recent 3-months.

If compared to the average trading volume of 3.00M shares, SFT reached to a volume of 3808339 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 $10.80 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 1.80. 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.

JP Morgan have made an estimate for Shift Technologies Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 07, 2021. While these analysts kept the previous recommendation, JP Morgan raised their target price to Overweight. The new note on the price target was released on October 05, 2021, representing the official price target for Shift Technologies Inc. stock. Previously, the target price had yet another raise to $12, while Truist analysts kept a Buy rating on SFT stock.

The Average True Range (ATR) for Shift Technologies Inc. is set at 0.33, with the Price to Sales ratio for SFT stock in the period of the last 12 months amounting to 0.50. The Price to Book ratio for the last quarter was 2.05, with the Price to Cash per share for the same quarter was set at 2.98.

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 -1.60. With this latest performance, SFT shares dropped by -29.20% in over the last four-week period, additionally sinking by -63.33% over the last 6 months – not to mention a drop of -61.16% 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 33.95, with the RSI for the last a single of trading hit 35.58, and the three-weeks RSI is set at 32.76 for Shift Technologies Inc. [SFT]. The present Moving Average for the last 50 days of trading for this stock 4.91, while it was recorded at 3.46 for the last single week of trading, and 7.14 for the last 200 days.

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 2.60 and a Current Ratio set at 3.50.

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Shift Technologies Inc. [SFT]: Insider Ownership positions

There are presently around $131 million, or 54.20% 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 4,474,220, which is approximately -10.55% of the company’s market cap and around 25.60% of the total institutional ownership; BLACKROCK INC., holding 4,220,738 shares of the stock with an approximate value of $15.07 million in SFT stocks shares; and FMR LLC, currently with $14.59 million in SFT stock with ownership of nearly -19.434% of the company’s market capitalization.

49 institutional holders increased their position in Shift Technologies Inc. [NASDAQ:SFT] by around 4,288,935 shares. Additionally, 49 investors decreased positions by around 9,196,606 shares, while 13 investors held positions by with 23,346,854 shares. The mentioned changes placed institutional holdings at 36,832,395 shares, according to the latest SEC report filing. SFT stock had 16 new institutional investments in for a total of 717,146 shares, while 14 institutional investors sold positions of 369,853 shares during the same period.