Shift Technologies (NASDAQ:SFT) Cut to Equal Weight at Wells Fargo & Company

Shift Technologies (NASDAQ:SFTGet Rating) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday, Briefing.com reports. They presently have a $2.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 41.84% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Shift Technologies from a “buy” rating to a “hold” rating in a report on Friday, January 28th. BTIG Research lowered their target price on shares of Shift Technologies from $12.00 to $7.00 in a research note on Tuesday, January 18th. Piper Sandler reduced their price target on shares of Shift Technologies from $17.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 30th. Truist Financial decreased their price objective 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. Finally, DA Davidson dropped their target price on shares of Shift Technologies from $7.00 to $3.00 in a research note on Wednesday, March 16th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Shift Technologies has an average rating of “Buy” and a consensus target price of $7.65.

SFT stock opened at $1.41 on Tuesday. Shift Technologies has a twelve month low of $1.28 and a twelve month high of $9.75. The stock has a market capitalization of $116.75 million, a price-to-earnings ratio of -0.66 and a beta of 1.30. 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 firm’s fifty day simple moving average is $1.95 and its two-hundred day simple moving average is $3.30.

Shift Technologies (NASDAQ:SFTGet Rating) last announced its quarterly earnings data on Tuesday, March 15th. The company reported ($0.71) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $184.34 million. During the same period in the previous year, the business earned ($0.44) EPS. As a group, equities research analysts expect that Shift Technologies will post -2.26 EPS for the current year.

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in Shift Technologies by 38.1% in the third quarter. Royal Bank of Canada now owns 8,628 shares of the company’s stock worth $60,000 after purchasing an additional 2,379 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Shift Technologies by 23.0% in the 3rd quarter. Invesco Ltd. now owns 20,022 shares of the company’s stock valued at $139,000 after buying an additional 3,740 shares in the last quarter. Jacobi Capital Management LLC purchased a new position in shares of Shift Technologies in the 3rd quarter worth approximately $33,000. Advisor Group Holdings Inc. raised its stake in shares of Shift Technologies by 114.4% during the 3rd quarter. Advisor Group Holdings Inc. now owns 12,705 shares of the company’s stock worth $88,000 after acquiring an additional 6,780 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Shift Technologies by 47.8% during the 3rd quarter. UBS Group AG now owns 23,383 shares of the company’s stock worth $162,000 after acquiring an additional 7,557 shares in the last quarter. 45.42% of the stock is currently owned by institutional investors.

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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