Why ShiftPixy Inc. (PIXY) stock skyrocketed on Tuesday?

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ShiftPixy Inc. (PIXY) shares soared 16.07% in after-hours on Tuesday, December 28, 2021, and closed the daily trading at $1.30. Even in the regular trading session of Tuesday, PIXY’s stock gained 43.09%. PIXY shares have fallen 58.82% over the last 12 months, and they have moved up 59.54% in the past week. Over the past three months, the stock has gained 2.75%, while over the past six months, it has declined 55.38%.

Let’s have a brief discussion about its recent developments.


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PIXY participation in recent events

ShiftPixy, Inc. recently participated in a panel discussion entitled, “Shifting Consumer Behaviors – Stay at Home or On the Road?” at the Wolfe Consumer Growth Conference which was held on December 14, 2021.

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PIXY also participated in the Sidoti Virtual Conference which was held on Wednesday, December 8, 2021.

PIXY latest financial results

On December 03, 2021, ShiftPixy, Inc. (PIXY), reported financial results for its fiscal year ended August 31, 2021.

FY 2021 financial highlights

  • PIXY reported total revenue of $23.4 million in FY 2021 compared to $8.64 million in FY 2020.
  • The cost of revenue was $23.09 million compared to $7.68 million in FY 2020.
  • Total operating expenses were $28.3 million in FY 21 compared to $22.53 million in FY 2020.
  • It suffered a net loss of $27.37 million in FY 2021 due to continuous operations compared to a net loss of $90.5 million in FY 2020.

PIXY new appointment

On October 27, 2021, ShiftPixy, Inc. (PIXY), promoted Amanda Murphy to the post of Chief Operating Officer, effective January 1, 2022. Ms. Murphy has served as the Company’s Director of Operations since January 2016 and has been a member of the Board of Directors since April 2020.

PIXY completed IPO of IHC

On October 25, 2021, ShiftPixy, Inc. (PIXY), successfully completed the initial public offering (IPO) of the common stock of Industrial Human Capital, Inc. (IHC), a Special Purpose Acquisition Companies (SPAC) sponsored by ShiftPixy through its wholly-owned subsidiary, ShiftPixy Investments, Inc. The units are listed on the New York Stock Exchange (“NYSE”) and began trading under the ticker symbol “AXHU” on October 20, 2021.

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Conclusion

ShiftPixy stock surging on Tuesday is a bit strange because there is no recent news available. Let’s see how it performs in the coming trading sessions on Wednesday?

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