Shift Technologies to exit East Coast stores acquired via CarLotz merger » 16:4202/0202/02/23
Shift Technologies has…
Shift Technologies has announced it will be exiting its East Coast stores acquired as a result of its merger with CarLotz, Inc. in order to focus on building omnichannel capabilities in its other locations and on the company's path to profitability. The store leases, inventory, and related assets in Richmond, Virginia, Charlottesville, Virginia, and Tampa, Florida, will be assumed by a local dealership group. The stores in Midlothian, Virginia, Charlotte, North Carolina, and Greensboro, North Carolina will be closed, effective immediately. In the past few months, Shift has re-introduced in-person selling capabilities at its core West Coast locations. The remaining legacy CarLotz locations in Pomona, California, which will serve the greater Los Angeles area, and Downers Grove, Illinois, which will serve Chicagoland, are being converted to omnichannel Shift locations. Customers are able to shop and purchase Shift's full inventory online, from anywhere in the country, or visit their local Shift to speak to a representative or take a test drive at the store.
Unusually active option classes on open February 2nd » 09:4002/0202/02/23
AKTS, IAU, VRM, AI, TLRY, TECK, XLV, BITF, CCJ, ARKK
Unusual total active…
Unusual total active option classes on open include: Akoustis (AKTS), iShares Gold Trust (IAU), Vroom (VRM), C3 AI (AI), Tilray (TLRY), Teck Resources (TECK), Health Care Sector SPDR ETF (XLV), Bitfarms (BITF), Cameco (CCJ), and ARK Innovation ETF (ARKK).
|Over a month ago|
Largest borrow rate increases among liquid names » 08:4512/1412/14/22
AMPX, PLBY, DNMR, BIG, GETY, PSNY, TQQQ, EWY, VRM
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Amprius (AMPX) 421.03% +5.88, PLBY Group (PLBY) 5.62% +0.82, ProShares Ultra (BOIL) 8.79% +0.70, Danimer Scientific (DNMR) 16.82% +0.52, Big Lots (BIG) 1.03% +0.47, Getty Images (GETY) 173.21% +0.40, Polestar Automotive (PSNY) 207.18% +0.37, ProShares UltraPro QQQ (TQQQ) 3.18% +0.26, iShares South Korea (EWY) 1.31% +0.24, and Vroom (VRM) 4.40% +0.22.
Shift Technologies closes merger with CarLotz » 09:0512/0912/09/22
Shift Technologies (SFT)…
Shift Technologies (SFT) has closed its merger with CarLotz (LOTZ), a leading consignment-to-retail used vehicle marketplace. The combined company will continue to trade on Nasdaq under the ticker SFT. CarLotz shareholders at the effective time of the merger will receive approximately 0.705 shares of Shift common stock for each share of CarLotz common stock, or approximately 84.4 million shares of Shift common stock in the aggregate. In connection with the closing, Jason Krikorian and Manish Patel resigned from the Shift Board of Directors, and Kimberly Sheehy, James Skinner, and Luis Ignacio Solorzano joined the Shift Board of Directors. "On behalf of the Board and entire team at Shift, we'd like to thank Jason and Manish for their endless support, advice, and mentorship over the years," said Jeff Clementz, Shift's CEO. "While we will miss their presence on the Board, we're excited to welcome three new members to help us build a winning, profitable future for Shift." Clementz continued, "As we welcome new members from CarLotz to our team, I'd like to thank Lev, Ozan, and the rest of the CarLotz management team for partnering with us through a successful close. We look forward to combining the best assets from both companies to create a leading destination for used auto retail, allowing consumers to shop and buy cars seamlessly however they prefer, online or in-store."
Vroom price target lowered to $1.10 from $1.30 at Jefferies » 08:3912/0912/09/22
Jefferies analyst John…
Jefferies analyst John Colantuoni lowered the firm's price target on Vroom (VRM) to $1.10 from $1.30 and keeps a Hold rating on the shares. Recent press reports indicate that a group of the Carvana's (CVNA) bondholders that collectively hold $4B, or 70%, of its unsecured debt have signed a cooperation agreement and Colantuoni thinks Carvana's potential restructuring could signal a further deterioration in the operating environment for used auto e-commerce, he tells investors.
Vroom downgraded to Neutral from Outperform at Baird » 05:1711/2211/22/22
Baird analyst Colin…
Baird analyst Colin Sebastian downgraded Vroom to Neutral from Outperform with a price target of $2, down from $3. The company is exposed to a pullbacks in discretionary "high ticket" purchases, Sebastian tells investors in a research note. The analyst says that while Vroom is making progress, the near term macro environment presents challenges and that a possible recession could overshadow its long term growth opportunities.
Vroom upgraded to Neutral at JPMorgan on increasing downside support » 11:3811/1711/17/22
JPMorgan analyst Rajat…
JPMorgan analyst Rajat Gupta upgraded Vroom to Neutral from Underweight. The company repurchased $198M in aggregate principal amount of outstanding unsecured convertible senior notes on top of about $56M in Q3 and the pace has been faster than expected, said Gupta. The company's message remains that they are focused on fixing ops and running the business for the long term, but the board could start considering liquidation, which is "likely the better outcome for equity holders at current levels" and the convertible note repurchase pace "provides increasing downside support to equity value in the near to medium-term," the analyst contends.
Vroom upgraded to Neutral from Underweight at JPMorgan » 11:3311/1711/17/22
JPMorgan analyst Rajat…
JPMorgan analyst Rajat Gupta upgraded Vroom to Neutral from Underweight.
Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 09:5711/1011/10/22
CTMX, SFT, ATVI, TJX, PANW, AVAV, SPWR, RBLX, UPST, TTGT, TYL, ZFOX, PROK, RXO
Shift Technologies downgraded on near-term challenges at Oppenheimer » 05:2511/1011/10/22
Oppenheimer analyst Brian…
Oppenheimer analyst Brian Nagel downgraded Shift Technologies to Perform from Outperform without a price target. The analyst is increasingly concerned that "rather meaningful repositioning efforts" occurring at Shift will undermine its "already-weak, sub-scale fundamentals," particularly as macro conditions for the used car space turn more challenging. Investors are best served monitoring ongoing developments at the company from the sidelines, Nagel tells investors in a research note.