Shift Technologies rises on strong revenue, outlook

Shift Technologies

13/05/2021 12:02

** Shares of online used-car retailer  SFT.O  up 8.11% at $8
in premarket trading 
    ** Co forecasts both Q2 and FY21 revenue above Refinitiv
IBES est and posts a 254% y-o-y rise in Q1 revenue to $106 mln,
helped by higher e-commerce unit sales
    ** Sees Q1 revenue between $120 mln and $130 mln, above est
of $99.7 mln  urn:newsml:reuters.com:*:nGNX99G5Md
    ** However, posts a wider-than-expected quarterly adj loss
of 55 cents per share, while analysts expected a loss of 44
cents 
    ** The current average analyst rating on stock is "buy";
their median PT is $13 - Refinitiv data
    ** Up to Wednesday's close, stock had fallen ~10.5% YTD

 (Reporting by Amal S in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))