On the last check Wednesday, Shift Technologies Inc. (SFT) gained 7.93% to $10.07. At the end of the last trading session, SFT stock price climbed 5.90% to $9.33. The range of the price of SFT stock was $8.70 to $9.34. SFT stock traded 2.76 million shares, a significant increase from 1.54 million shares a day over the last 100 days. Over the previous five days, SFT stock gained 12.68%, while in the past month it gained 4.01%. Following the release of its quarterly results, SFT stock has surged.

Has the SFT Stock performed well?

Shift is a leading auto ecommerce platform that aims to transform the used car industry with innovative technology and hassle-free customer service. It is SFT’s mission to make car ownership and purchase simpler, to make buying and selling a used car fun, fair, and easily accessible to everyone. With SFT, car owners can find comprehensive, digital solutions throughout their ownership lifecycle. SFT provides clients with car-finding solutions, a test drive prior to buying a car, auto financing and vehicle protection services through a digitally-driven purchase transaction. Aside from facilitating trade-ins and sales through a digital process, SFT also provides high-quality support services to car owners.

Shift today announced its second-quarter financial results for the period ended June 30, 2021.

Financial highlights:

• In the second quarter, SFT’s total revenue reached $154.9 million, an increase of 377% year over year.
• SFT sold 7,815 units, an increase of 240% over last year, with the e-commerce channel growing to 5,871, an increase of 222% over last year.
• The average selling price of SFT was $22,090 on e-commerce, a 47% increase compared to last year.
• The unique market conditions in the quarter resulted in a rise in ASP due to the pricing appreciation SFT enjoyed throughout the quarter.
• According to SFT, its gross profit and adjusted gross profit in the second quarter of fiscal 2014 were $16.3 million and $16.5 million respectively, versus $3.6 million and $3.7 million respectively during the comparable period last year.
• Gross profits per unit and adjusted gross profits per unit increased from $1,961 and $2,048 in prior year periods to $2,781 and $2,809, respectively.
• SFT was able to adjust GPU due to its continued improvements as well as new market conditions.
• According to the company, SG&A came to $48.1 million in the second quarter as opposed to $14.6 million a year ago.
• SG&A as a percentage of revenue at SFT increased to 31.1% from 45.1% in the prior year quarter, indicating significant operating leverage.
• The SFT scale net loss increased to $31.6 million in the second quarter as opposed to $19.0 million in the prior year quarter.
• As of the end of the second quarter, the company had an adjusted EBITDA loss of $26.1 million (-16.9% margin) compared to a loss of 10.5 million (-32.3 %) a year ago.
• At June 30, 2021, the total amount of cash and cash equivalents was approximately $238 million.
• In comparison to the end of 2020, this represents an increase of $4.3 million.

Reporting quarter overview:

Shift Technologies (SFT) delivered strong sequential growth of nearly 5x year-over-year in the second quarter, as well as industry-leading revenue growth of about 5x. Furthermore, SFT is well situated to profit from the unique conditions of the used vehicle market.