Shift Technologies (SFT) Received its Third Buy in a Row

By Ryan Adsit

After Wells Fargo and BTIG gave Shift Technologies (NASDAQ: SFT) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Cantor Fitzgerald initiated coverage with a Buy rating on Shift Technologies yesterday and set a price target of $15.00. The company’s shares closed last Thursday at $8.33.

Shift Technologies has an analyst consensus of Strong Buy, with a price target consensus of $12.83, implying a 50.7% upside from current levels. In a report issued on June 4, Piper Sandler also initiated coverage with a Buy rating on the stock with a $14.00 price target.

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Shift Technologies’ market cap is currently $700.9M and has a P/E ratio of -2.40. The company has a Price to Book ratio of 3.63.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SFT in relation to earlier this year.

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Insurance Acquisition Corp. is a blank check company, which engages in the provision of insurance or insurance related services, with emphasis on regulated insurance or reinsurance companies. The company was founded in March 2018 and is headquartered in Philadelphia, PA.