Shift Technologies (NASDAQ:SFT) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Shift Technologies (NASDAQ:SFTGet Rating) from a neutral rating to an underweight rating in a research report released on Monday morning, MarketBeat.com reports.

Several other brokerages have also recently weighed in on SFT. Cantor Fitzgerald restated an overweight rating on shares of Shift Technologies in a report on Wednesday, July 6th. Benchmark cut Shift Technologies from a buy rating to a hold rating in a report on Monday, May 16th. BTIG Research cut Shift Technologies from a buy rating to a neutral rating in a report on Wednesday, May 4th. William Blair cut Shift Technologies from an outperform rating to a market perform rating in a report on Thursday, July 21st. Finally, DA Davidson cut Shift Technologies from a buy rating to a neutral rating and dropped their price objective for the stock from $2.50 to $1.50 in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Shift Technologies presently has a consensus rating of Hold and an average target price of $6.72.

Shift Technologies Trading Down 4.5 %

Shares of SFT stock opened at $1.05 on Monday. The stock has a market capitalization of $89.07 million, a PE ratio of -0.42 and a beta of 1.79. Shift Technologies has a 1-year low of $0.60 and a 1-year high of $8.39. The business has a 50-day moving average of $0.98 and a 200 day moving average of $1.44. The company has a debt-to-equity ratio of 7.01, a current ratio of 1.55 and a quick ratio of 0.66.

Shift Technologies (NASDAQ:SFTGet Rating) last issued its earnings results on Tuesday, August 9th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). The company had revenue of $223.73 million for the quarter, compared to analysts’ expectations of $234.03 million. Shift Technologies had a negative net margin of 24.54% and a negative return on equity of 420.06%. As a group, sell-side analysts anticipate that Shift Technologies will post -2.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its stake in shares of Shift Technologies by 93.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 41,450 shares of the company’s stock valued at $27,000 after purchasing an additional 20,000 shares during the period. UBS Group AG lifted its stake in shares of Shift Technologies by 537.9% in the 1st quarter. UBS Group AG now owns 12,560 shares of the company’s stock valued at $27,000 after purchasing an additional 10,591 shares during the period. Brave Asset Management Inc. lifted its stake in shares of Shift Technologies by 57.7% in the 2nd quarter. Brave Asset Management Inc. now owns 41,000 shares of the company’s stock valued at $28,000 after purchasing an additional 15,000 shares during the period. Colonial River Wealth Management LLC purchased a new position in shares of Shift Technologies in the 1st quarter valued at approximately $30,000. Finally, First Republic Investment Management Inc. purchased a new position in shares of Shift Technologies in the 1st quarter valued at approximately $31,000. Hedge funds and other institutional investors own 45.42% of the company’s stock.

About Shift Technologies

(Get Rating)

Shift Technologies, Inc, together with its subsidiaries, provides an ecommerce platform for buying and selling used cars. The company operates in two segments, Retail and Wholesale. It engages in the retail sale of used vehicles through its platform that enables mobile digital transaction, such as at-home car searching, scheduling an on-demand test drive, and purchasing at home or at the preferred site of a test drive, as well as provides financing and services.

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Analyst Recommendations for Shift Technologies (NASDAQ:SFT)

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