Shift Technologies Inc. (SFT) receives an Underweight rating from JP Morgan

Shift Technologies Inc.’s recent filing unveils that its 10% Owner Venkata Maruthi JD acquired Company’s shares for reported $75109.0 on Apr 14. In the deal valued at $1.31 per share,57,423 shares were bought. As a result of this transaction, Venkata Maruthi JD now holds 1,974,059 shares worth roughly $ 2.43 million.

Then, Venkata Maruthi JD bought 5,135 shares, generating $6,911 in total proceeds. Upon buying the shares at $1.35, the 10% Owner now owns 1,917,240 shares.

Before that, Venkata Maruthi JD sold 604 shares. Shift Technologies Inc. shares valued at $837 were divested by the 10% Owner at a price of $1.39 per share. As a result of the transaction, Venkata Maruthi JD now holds 1,916,636 shares, worth roughly $2.36 million.

JP Morgan downgraded its Shift Technologies Inc. [SFT] rating to an Underweight from a a Neutral in a research note published on Friday.

Price Performance Review of SFT

On Friday, Shift Technologies Inc. [NASDAQ:SFT] saw its stock jump 2.50% to $1.23. On the same session, the stock had its day’s lowest price of $1.12, but rose to a high of $1.23. Over the last five days, the stock has gained 2.50%. Shift Technologies Inc. shares have fallen nearly -17.39% since the year began. Nevertheless, the stocks have fallen -85.53% over the past one year. While a 52-week high of $8.92 was reached on 02/06/23, a 52-week low of $1.06 was recorded on 04/05/23. SMA at 50 days reached $1.8080, while 200 days put it at $1.9175. A total of 0.21 million shares were traded, compared to the trading of 86000.0 shares in the previous session.

Levels Of Support And Resistance For SFT Stock

The 24-hour chart illustrates a support level at 1.1567, which if violated will result in even more drops to 1.0833. On the upside, there is a resistance level at 1.2667. A further resistance level may holdings at 1.3033. The Relative Strength Index (RSI) on the 14-day chart is 34.39, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0345, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 76.59%. Stochastics %K at 17.84% indicates the stock is a buying.

How much short interest is there in Shift Technologies Inc.?

A steep rise in short interest was recorded in Shift Technologies Inc. stocks on Aug 14, 2023, growing by 0.44 million shares to a total of 2.2 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.76 million shares. There was a rise of 20.0%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 13.59% of the overall stock float, the days-to-cover ratio (short ratio) rose to 9.69.

Shift Technologies Inc. [SFT] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 519,168 shares, or roughly 3.06% of the outstanding SFT shares. In other words, the investor’s shares have fallen by -341 from its previous 13-F filing of 519509.0.. Over the last quarter, BlackRock Fund Advisors sold -21,482 shares of Shift Technologies Inc., while Geode Capital Management LLC sold 0 shares. At present, HB Weath Management LLC is holding 56,775 shares valued at $0.11 million. Goldman Sachs & Co. LLC owned 45,760 shares of the company at the time of its most recent 13F filing, worth $91520.0.

According to FactSet, Shift Technologies Inc.’s share price will average $2.50 in the next year, based on opinions of analysts polled by the firm. This is up nearly 108.33 percent from its previous closing price of $1.20. Analysts expect Shift Technologies Inc. stock to reach the higher price of $2.50, while the lowest price estimate is $2.50. However, 2 analysts have rated SFT stock as an Underweight in their predictions for 2023.