Shift Technologies, Inc. (SFT), a provider of end-to-end auto e-commerce platforms, has nominally slid by 0.52%. Consequently, the stock was trading at $1.92 when last checked. The decline could be attributed to the profit-taking factor after the stock gained an increase of 20.62 percentage points during Tuesday’s regular trading session to close the day at $1.93. The stock soared owing to the announcement of financial results.
Q4 2021 Results
On Tuesday, SFT announced the results for the fourth quarter of the fiscal year 2021. The quarter ended on 31st December 2021. The company achieved quarterly revenue growth of 167% on a year-over-year basis. The total gross profit per unit for the quarter was $1885, which depicted an increase of 305% on a year-over-year basis. The level of units sold during the quarter grew by 80% on a year-over-year basis.
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Guidance for Q1 & FY 2022
Alongside the financial results, SFT also reported the projected guidance for the first quarter and full-year 2022. The company projected revenue growth of two folds at the midpoint of the management guidance range during the first quarter of the fiscal year 2021. For the full year 2022, the projected revenue guidance stood in the range of $1 billion to $1.1 billion, which depicts the growth of 60% to 70% on a year-over-year basis.
Comments from CEO of SFT
George Arison, CEO, and co-founder of SFT commented that 2021 has proven to be a successful year for the company as its revenue increased by $637 million. The company also continued to show strong leverage in its business. During fiscal 2022, the company would keep its focus on the achievement of a balance between growth and profitability improvement.
What’s Next for SFT?
Looking ahead, analysts are optimistic that SFT stock is depicting solid technical indicators despite its existence in a wide falling trend. Hence, at the current level, the stock holds buying opportunity for the investors.