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

Shift Technologies Inc. [NASDAQ: SFT] loss -3.57% or 0.0 points to close at $0.22 with a heavy trading volume of 10165494 shares. The company report on December 9, 2022 that Shift Closes Merger with CarLotz, Creating a Differentiated Used Omnichannel Auto Retailer, and Announces Shift Board of Directors Changes.

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CarLotz shareholders at the effective time of the merger will receive approximately 0.705 shares of Shift common stock for each share of CarLotz common stock, or approximately 84.4 million shares of Shift common stock in the aggregate. Shift will also assume certain warrants and stock-based compensation awards. In connection with the closing, Jason Krikorian and Manish Patel resigned from the Shift Board of Directors, and Kimberly H. Sheehy, James E. Skinner, and Luis Ignacio Solorzano joined the Shift Board of Directors.

It opened the trading session at $0.224, the shares rose to $0.2375 and dropped to $0.20, the range by which the price of stock traded the whole day. The daily chart for SFT points out that the company has recorded -79.43% loss over the past six months. However, it is still -69.23% lower than its most recent low trading price.

If we look at the average trading volume of 1.48M shares, SFT reached to a volume of 10165494 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $4.28 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 3.20. 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.

JP Morgan have made an estimate for Shift Technologies Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on August 15, 2022. While these analysts kept the previous recommendation, DA Davidson dropped their target price from $2.50 to $1.50. The new note on the price target was released on August 10, 2022, representing the official price target for Shift Technologies Inc. stock.

The Average True Range (ATR) for Shift Technologies Inc. is set at 0.03, with the Price to Sales ratio for SFT stock in the period of the last 12 months amounting to 0.05.

Trading performance analysis for SFT stock

Shift Technologies Inc. [SFT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.18. With this latest performance, SFT shares dropped by -7.85% in over the last four-week period, additionally sinking by -79.43% over the last 6 months – not to mention a drop of -92.89% 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 47.69, with the RSI for the last a single of trading hit 53.46, and the three-weeks RSI is set at 42.72 for Shift Technologies Inc. [SFT]. The present Moving Average for the last 50 days of trading for this stock 0.2765, while it was recorded at 0.2224 for the last single week of trading, and 0.8508 for the last 200 days.

Shift Technologies Inc. [SFT]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Shift Technologies Inc. [SFT] shares currently have an operating margin of -27.77 and a Gross Margin at +6.78. Shift Technologies Inc.’s Net Margin is presently recorded at -26.11.

Return on Equity for this stock declined to -106.43, with Return on Assets sitting at -49.06.

Shift Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.70 and a Current Ratio set at 1.30.

An analysis of insider ownership at Shift Technologies Inc. [SFT]

There are presently around $8 million, or 11.30% of SFT stock, in the hands of institutional investors. The top three institutional holders of SFT stocks are: VANGUARD GROUP INC with ownership of 6,405,227, which is approximately -5.837% of the company’s market cap and around 3.40% of the total institutional ownership; JEFFERIES GROUP LLC, holding 5,794,894 shares of the stock with an approximate value of $1.25 million in SFT stocks shares; and BLACKROCK INC., currently with $0.63 million in SFT stock with ownership of nearly -0.918% of the company’s market capitalization.

Positions in Shift Technologies Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 23 institutional holders increased their position in Shift Technologies Inc. [NASDAQ:SFT] by around 1,359,977 shares. Additionally, 58 investors decreased positions by around 10,298,833 shares, while 38 investors held positions by with 24,773,190 shares. The mentioned changes placed institutional holdings at 36,432,000 shares, according to the latest SEC report filing. SFT stock had 12 new institutional investments in for a total of 633,143 shares, while 19 institutional investors sold positions of 1,071,429 shares during the same period.


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