Shift Technologies Inc
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Consumer Discretionary : Specialty Retail | Small Cap Blend
Company profile

Shift Technologies, Inc. is an end-to-end e-commerce platform transforming the used car industry with a technology-driven customer experience. Its segments include Retail and Wholesale. The Retail segment represents retail sales of used vehicles through the Company's e-commerce platform and fees earned on sales of value-added products associated with those vehicles sales, such as vehicle service contracts, guaranteed asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler (DTW). It provides technology-driven solutions throughout the car ownership lifecycle. It operates approximately nine vehicle inventory inspection, reconditioning and storage centers, with six spanning the West Coast from San Diego to Seattle and three new facilities in Austin, San Antonio and Dallas, Texas. It conducts its business through its wholly owned subsidiaries.

Closing Price
$0.8676
Day's Change
0.1945 (28.90%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.91
Day's Low
0.70
Volume
(Heavy Day)
Volume:
12,216,946

10-day average volume:
9,441,554
12,216,946

Cathie Wood has a simple response to Tesla getting booted out of an S&P 500 ESG index: 'Ridiculous'

11:48 pm ET May 18, 2022 (MarketWatch)
Print

By Mark DeCambre

'Not worthy of any other response,' says the Ark Investment founder

Cathie Wood isn't pleased about one of her most popular investments, Tesla Inc., being excluded from a prominent index that tracks eco- and socially friendly companies.

"Ridiculous," was essentially Wood's terse response to news that the S&P 500 ESG Index has dropped Elon Musk's electric-vehicle maker Tesla (TSLA) from its lineup, as a part of its annual rebalancing.

Read: Tesla dumped by S&P ESG index and Musk cries label is a 'scam'

"While Tesla may be playing its part in taking fuel-powered cars off the road, it has fallen behind its peers when examined through a wider ESG lens," wrote Margaret Dorn, senior director and head of ESG indices, North America, at S&P Dow Jones Indices, in a blog post dated Tuesday.

The announcement from S&P Dow Jones Indices might come as a shock to some, given that the vehicle manufacturer is seen as a pioneer of producing EVs for the masses, perhaps laying the groundwork for large manufacturers such as Ford Motor (F) and General Motors Co. (GM), who are racing to compete with Tesla in EVs on a bigger scale after badly falling behind Musk & Co. in the low-carbon category.

Dorn makes the case that a couple of the factors contributing to Tesla's exclusion were "a decline in criteria-level scores" related to its low-carbon strategy and its "codes of business conduct."

Tesla has been one of the biggest and most successful investments for Wood, the CEO of ARK Investment Management, whose bullishness on disruptive companies like Tesla helped propel her to fame on Wall Street.

However, Wood's flagship fund has been unhinged by the downturn, which has capsized much of the market in growth-oriented, technology and tech-related investments.

Wood's flagship ARK Innovation ETF(ARKK) has tumbled about 74% from its peak back in mid-February 2021, and is down more than 56% thus far in 2022.

Tesla's stock has fallen more than 42% since its recent peak in early November. Shares of the EV maker are off 33% so far in 2022.

Meanwhile, Ford and GM's stocks are both down by about 38% year to date, with the S&P 500 down almost 18% so far this year, the Dow Jones Industrial Average off more than 13% and the technology-laden Nasdaq Composite down 27%.

Musk also had thoughts on Tesla's exclusion from the ESG index:

Worth a read: A 'summer of pain'? The Nasdaq Composite could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim's Scott Minerd

-Mark DeCambre

	

(END) Dow Jones Newswires

May 18, 2022 23:48 ET (03:48 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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