Analysts Anticipate Shift Technologies, Inc. (NASDAQ:SFT) Will Announce Quarterly Sales of $211.39 Million

Equities research analysts expect that Shift Technologies, Inc. (NASDAQ:SFTGet Rating) will report $211.39 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Shift Technologies’ earnings, with the highest sales estimate coming in at $218.35 million and the lowest estimate coming in at $206.20 million. Shift Technologies posted sales of $106.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 99.4%. The business is expected to issue its next quarterly earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Shift Technologies will report full-year sales of $1.04 billion for the current fiscal year, with estimates ranging from $1.00 billion to $1.08 billion. For the next year, analysts anticipate that the firm will post sales of $1.55 billion, with estimates ranging from $1.42 billion to $1.74 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Shift Technologies.

Shift Technologies (NASDAQ:SFTGet Rating) last posted its quarterly earnings data on Tuesday, March 15th. The company reported ($0.71) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($0.08). Shift Technologies had a negative return on equity of 123.19% and a negative net margin of 26.11%. The firm had revenue of $196.22 million for the quarter, compared to the consensus estimate of $184.34 million. During the same period in the prior year, the company earned ($0.44) EPS.

Several equities research analysts recently weighed in on SFT shares. Zacks Investment Research cut shares of Shift Technologies from a “buy” rating to a “hold” rating in a research report on Friday, January 28th. BTIG Research dropped their target price on shares of Shift Technologies from $12.00 to $7.00 in a report on Tuesday, January 18th. Truist Financial dropped their target price on shares of Shift Technologies from $12.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, March 16th. Piper Sandler dropped their price objective on shares of Shift Technologies from $17.00 to $10.00 and set an “overweight” rating for the company in a report on Wednesday, March 30th. Finally, DA Davidson dropped their price objective on shares of Shift Technologies from $7.00 to $3.00 in a report on Wednesday, March 16th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Shift Technologies has a consensus rating of “Buy” and an average price target of $8.35.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its position in Shift Technologies by 4.2% in the 4th quarter. BlackRock Inc. now owns 4,398,223 shares of the company’s stock valued at $14,997,000 after purchasing an additional 177,485 shares during the period. State Street Corp lifted its stake in Shift Technologies by 35.7% during the 4th quarter. State Street Corp now owns 2,706,474 shares of the company’s stock valued at $9,229,000 after acquiring an additional 711,890 shares in the last quarter. Millennium Management LLC lifted its stake in Shift Technologies by 256.0% during the 4th quarter. Millennium Management LLC now owns 2,106,879 shares of the company’s stock valued at $7,184,000 after acquiring an additional 1,515,108 shares in the last quarter. Luxor Capital Group LP lifted its stake in Shift Technologies by 7.6% during the 3rd quarter. Luxor Capital Group LP now owns 1,153,400 shares of the company’s stock valued at $8,005,000 after acquiring an additional 81,558 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Shift Technologies by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,136,897 shares of the company’s stock valued at $7,890,000 after acquiring an additional 50,891 shares in the last quarter. 40.44% of the stock is owned by institutional investors.

SFT opened at $1.85 on Friday. Shift Technologies has a twelve month low of $1.48 and a twelve month high of $9.75. The company has a 50-day simple moving average of $2.03 and a 200 day simple moving average of $3.79. The company has a quick ratio of 1.48, a current ratio of 2.34 and a debt-to-equity ratio of 1.92. The stock has a market capitalization of $153.45 million, a price-to-earnings ratio of -0.86 and a beta of 1.02.

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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