Shares of the ShiftPixy, Inc. (PIXY) stock were soaring in the premarket trading session today on December 29, 2021. PIXY stock price saw a surge of 53.57% to reach $1.72 a share at the time of this writing. At one time, the stock soared by more than 90% in the premarket today. PIXY stock was also green in the previous trade and went up by 43.09% at closing. Let’s dig to understand the reason behind this surge.
What’s Happening?
PIXY stock has been hot among investors for a couple of days. However, there is no announcement or press release by the company on today’s date not even in this week. No analyst has upgraded or increased the per-share target price of the PIXY stock to justify the bullish sentiment. It seems that this stock is getting momentum due to the social media rally. The investors in the social media platforms like Reddit, Stock Twits, and Twitter are encouraging the short squeeze on the shares of the company. So, what do you need to know now at this point? Let’s discuss some recent events of the company.
Fiscal 2021 Results of the PIXY stock:
ShiftPixy in the first week of this month announced operating results for the fiscal year ended August 31, 2021, according to which
- The company reported a huge improvement of 171% in the annual revenues. The annual revenue reached $23.4 million for the fiscal year 2021.
- The gross profit of the company declined by $0.6 million in the recently reported tenure
- ShiftPixy spent $28.3 million in operating expenses in the fiscal year 2021 which represents an increase of 25.6% from the previous year
- The company reported that its loss from the continuing operations declined by $62.5 million due to the elimination of cash expenses related company’s recapitalization.
PIXY stock: Operational Developments
- Worksite employees surpassed 40,000 in ShiftPixy’s HRIS database.
- The company relocated its corporate headquarters to Miami, Florida. This move of the company was to make sure the expansion of sales and marketing reach in order to better serve the Eastern United States and Latin America.
- Experienced Billing and worksite employees grew in 2021 even after the tough conditions due to Covid-19
Wrap Up
Things are going well for PIXY stock as far as market sentiment is concerned. It would be interesting to see how long this trend will persist as the stock market is highly unpredictable. In a nutshell, investors need to keep an eye on this stock.
