ShiftPixy Inc. [NASDAQ: PIXY] jumped around 19.79 points on Thursday, while shares priced at $31.00 at the close of the session, up 176.54%. The company report on September 8, 2022 that ShiftPixy Announces Plans to Spin-off ShiftPixy Labs and Dividend its Digital Securities to Shareholders.
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ShiftPixy, Inc. (NASDAQ: PIXY) (“ShiftPixy” or “the Company”), a Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced plans to transfer the Virtual Brand development pipeline and technology stack of ShiftPixy Labs (labs.shiftpixy.com) to a wholly-owned subsidiary, ShiftPixy Labs, Inc., which will then be dividended to ShiftPixy shareholders, using a record date of September 8, 2022. The spin-off transaction will be subject to various conditions, including the Company’s ability at the time of distribution to comply with applicable Wyoming law, and ShiftPixy Labs, Inc.’s meeting the qualifications for future listing on the Blockchain-powered Securities Exchange Upstream, and if successful, would eventually result in two standalone public companies. Management’s intention is to publicly list ShiftPixy Labs, Inc. via an initial public offering on both NASDAQ and Upstream during October 2022.
“Immediately on the heels of our exciting announcement of plans to dual list ShiftPixy shares on Upstream, our planned spinoff of ShiftPixy Labs is yet another example of our strategy to bring additional value to our shareholders,” said Scott W. Absher, Chairman and Chief Executive Officer of ShiftPixy. “Since the inception of ShiftPixy Labs, we have made significant progress in developing tech-forward solutions that are nearly ready for launch, including Web3 innovations to support our virtual brand’s development. The planned spin-off will allow both ShiftPixy and ShiftPixy Labs to focus resources on the development of their respective initiatives to create even greater opportunity for product development success.”.
ShiftPixy Inc. stock is now -73.50% down from its year-to-date (YTD) trading value. PIXY Stock saw the intraday high of $31.9999 and lowest of $19.10 per share. The company’s 52-week high price is 203.00, which means current price is +180.29% above from all time high which was touched on 01/25/22.
Compared to the average trading volume of 73.08K shares, PIXY reached a trading volume of 17846768 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about ShiftPixy Inc. [PIXY]?
The Average True Range (ATR) for ShiftPixy Inc. is set at 6.09, with the Price to Sales ratio for PIXY stock in the period of the last 12 months amounting to 0.64. The Price to Book ratio for the last quarter was 0.14, with the Price to Cash per share for the same quarter was set at 0.13.
How has PIXY stock performed recently?
ShiftPixy Inc. [PIXY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 121.27. With this latest performance, PIXY shares gained by 58.57% in over the last four-week period, additionally sinking by -55.40% over the last 6 months – not to mention a drop of -76.52% 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 PIXY stock in for the last two-week period is set at 62.35, with the RSI for the last a single of trading hit 66.95, and the three-weeks RSI is set at 58.63 for ShiftPixy Inc. [PIXY]. The present Moving Average for the last 50 days of trading for this stock 22.58, while it was recorded at 17.62 for the last single week of trading, and 59.55 for the last 200 days.
ShiftPixy Inc. [PIXY]: Deeper insight into the fundamentals
ShiftPixy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 0.20.
Insider trade positions for ShiftPixy Inc. [PIXY]
There are presently around $1 million, or 3.30% of PIXY stock, in the hands of institutional investors. The top three institutional holders of PIXY stocks are: VANGUARD GROUP INC with ownership of 8,416, which is approximately 0% of the company’s market cap and around 40.50% of the total institutional ownership; GEODE CAPITAL MANAGEMENT, LLC, holding 2,057 shares of the stock with an approximate value of $64000.0 in PIXY stocks shares; and VIRTU FINANCIAL LLC, currently with $42000.0 in PIXY stock with ownership of nearly New of the company’s market capitalization.
8 institutional holders increased their position in ShiftPixy Inc. [NASDAQ:PIXY] by around 2,217 shares. Additionally, 10 investors decreased positions by around 29,882 shares, while 6 investors held positions by with 15,081 shares. The mentioned changes placed institutional holdings at 17,018 shares, according to the latest SEC report filing. PIXY stock had 3 new institutional investments in for a total of 1,644 shares, while 4 institutional investors sold positions of 28,870 shares during the same period.