ShiftPixy (PIXY) Shares Are Hot…

ShiftPixy (PIXY) Shares Are Hot…

PIXY is bringing a new food delivery concept to market

Good day everyone,

We are continuing coverage of ShiftPixy, Inc. (NASDAQ: PIXY), a company delivering a next-gen mobile engagement technology to help businesses with shift-based employees in the gig economy workforce.

Current price $4.37 per share
Outstanding shares (est.) 16.6M
Float (est.) 3.49M

In Friday’s session, PIXY shares gapped at the open by $1.13/share opening at $4.57. The shares hit a high of $6.22 before closing at $4.37/share.

The trading volume on Friday was 132,870,931 shares, a number that exceeds the outstanding share count by a factor of 8.0X. Friday’s volatility in the share price, coupled with the share volume could indicate an opportunity for near term gains. Look at the peaks in Friday’s session (chart below).

PIXY seems to have their finger on the pulse of what’s happening in the world today, bringing a new way of dining to us, disrupting the traditional restaurant model with ghost kitchens and delivery.

What could be driving the investor excitement in PIXY shares? We can identify three possible developments that may be acting as catalysts for the company shares:

We are all wondering what the “new normal” everyone is talking about will look like. We believe investors are recognizing that the concepts being developed at PIXY are a snapshot of the dining experience of the future, the new normal. ShiftPixy aims to help food service companies start up with a ghost kitchen, staffed by PIXY supplied gig labor, and delivery of the food with ShiftPixy employees. PIXY covers their gig employees with workers compensation, training, and compliance issues, taking those burdens away from their clients.

The company is relocating its headquarters to Miami. The relocation is part of ShiftPixy’s strategy, along with ShiftPixy Labs, to expand its business into the East Coast restaurant industry. The new ShiftPixy Labs Ghost Kitchen will also be in the Miami area. ShiftPixy’s Irvine, California office will remain open to continue serving the Company’s growing West Coast customer base.

The company is developing its Ghost Kitchen concept. A ghost kitchen is a food preparation and cooking facility set up for the preparation of delivery-only meals and has no dining area for walk-in customers. ShiftPixy Labs is a new suite of marketing and support services for these kinds of kitchens. Through ShiftPixy Labs, the Company expects to provide services from ghost kitchen business start-up, clear through to customer meal delivery.

ShiftPixy is reinventing the restaurant sector and the concept is intriguing to say the least. The ghost kitchen model eliminates many of the costs associated with a dine-in business and greatly reduces the transmission of viruses or pathogens in public gatherings.

The new PIXY concept seems designed for the times. Though PIXY is not a new company, we feel the new ghost kitchen concept represents a ground floor opportunity.

ShiftPixy has a FYE of August 31st and we look forward to their Q4 and FYE results. In Q3 that ended May31, 2020, the company posted revenue of $2M, up 23% YOY despite Covid 19 related impacts, and advised they had eliminated all long-term debt from their balance sheet.

At the end of Q3, the PIXY customer count continued to increase with approximately 81 clients representing over 300 customer locations and 2,700 billed employees, an increase of 106% over Q3 2019 (by the end of June there were 3,000 billed employees).

More than a third of the workforce in the United States is part of the gig economy and the global gig marketplace is estimated at $4.5 trillion.

Many companies are struggling to keep their doors open during the pandemic but PIXY experienced growth in their Q3 that was March-April-May.

We note in the chart linked below that PIXY shares are currently trailing their 50 DMA and 200 DMA of $4.94 and $7.27, respectively. The current RSI (14) is 45.10. These data can indicate shares that have been oversold.

Updated report coming soon,

The Traders News Group


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