Brokers Set Expectations for Shift Technologies, Inc.’s FY2023 Earnings (NASDAQ:SFT)
Shift Technologies, Inc. (NASDAQ:SFT – Get Rating) – Cantor Fitzgerald issued their FY2023 EPS estimates for shares of Shift Technologies in a report released on Monday, June 6th. Cantor Fitzgerald analyst B. Sherlund forecasts that the company will earn ($0.76) per share for the year.
Shift Technologies (NASDAQ:SFT – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. The company had revenue of $219.58 million for the quarter, compared to analyst estimates of $210.19 million. Shift Technologies had a negative return on equity of 201.11% and a negative net margin of 24.06%. During the same period in the previous year, the firm earned ($0.55) earnings per share.
Other research analysts have also recently issued research reports about the company. Truist Financial cut their target price on Shift Technologies from $12.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 16th. Piper Sandler cut their price objective on Shift Technologies from $17.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 30th. Wells Fargo & Company cut Shift Technologies from an “overweight” rating to an “equal weight” rating and set a $2.00 price objective on the stock. in a research report on Tuesday, May 3rd. Benchmark cut Shift Technologies from a “buy” rating to a “hold” rating in a research report on Monday, May 16th. Finally, DA Davidson cut their price objective on Shift Technologies from $7.00 to $3.00 in a research report on Wednesday, March 16th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Shift Technologies currently has an average rating of “Hold” and a consensus target price of $6.55.
NASDAQ SFT opened at $0.87 on Wednesday. Shift Technologies has a 52 week low of $0.85 and a 52 week high of $9.75. The business has a 50 day moving average price of $1.43 and a 200-day moving average price of $2.30. The company has a debt-to-equity ratio of 7.01, a quick ratio of 0.79 and a current ratio of 1.82.
Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in Shift Technologies during the 3rd quarter valued at about $473,000. Advisor Group Holdings Inc. boosted its holdings in Shift Technologies by 114.4% during the 3rd quarter. Advisor Group Holdings Inc. now owns 12,705 shares of the company’s stock valued at $88,000 after acquiring an additional 6,780 shares during the period. Steel Peak Wealth Management LLC purchased a new stake in Shift Technologies in the 4th quarter worth approximately $103,000. Trexquant Investment LP lifted its holdings in Shift Technologies by 273.5% in the 3rd quarter. Trexquant Investment LP now owns 86,717 shares of the company’s stock worth $602,000 after buying an additional 63,497 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Shift Technologies by 44.9% in the 3rd quarter. Two Sigma Investments LP now owns 884,572 shares of the company’s stock worth $6,139,000 after buying an additional 274,089 shares during the period. Hedge funds and other institutional investors own 45.42% of the company’s stock.
Shift Technologies Company Profile (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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