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Saturday, June 19, 2021

Shares of Shift Technologies, Inc. (SFT) are popping high in the Pre-Market. What’s Going On?

Shift Technologies, Inc. (SFT), an online platform for buying and selling of new and used cars, reported its fourth-quarter earnings results after which the SFT stock price saw a jump of 19.14% to reach $9.15 a share. The stock seemed red at the previous closing but positive Q4 earnings results have made the stock green on Tuesday’s pre-market. Let’s deep dive to explore more of it.


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What’s happening?

Shift Technologies showed significant growth in its fourth-quarter earnings results. According to report

  • Yearly revenue surged by 168% to reach $73.4 million which is above the analysts’ estimate of $73 million.
  • 147% rise in selling units was observed during the quarter.
  • Adjusted gross profit per unit (GPU)reached $514 with a 53% rise as compared to the same tenure of the previous year.
  • Adjusted EBITDA suffered a $28.9 million loss as compared to $12.8 million in the prior-year quarter.
  • SFT reported a net loss of $0.07 per share in the fourth which is less than the analyst’s estimate of $0.42 net loss per share.The company reported a net loss of $6.51 per share in the same tenure of the previous year.

The company has projected its revenue for 2021 to surpass $450 million which is above the expectations of $392.07 million by the analysts. Adjusted GPU is expected to surpass $1600 per unit.

Shift Technologies is expecting to generate $90 million to $95 million in the first quarter of 2021 while the consensus estimate is $72.6 million revenue in the first quarter. Adjusted revenue is projected to be in the range of $1,200 – $1,350.

Conclusion:

SFT stock has been enjoying the bullish sentiment in the stock market. Wells Fargo analyst Zachary Fadem has set the target price of $12 and reiterated it as a buy following the fourth-quarter results. The average analyst price target of $16.50 shows the upside potential of approximately 115% in the next year. Hence, investors should keep an eye on SFT stock.

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