Short Sellers Were Right About These 5 Stocks

In this article, we discuss the 5 stocks that short sellers were right about. If you want to read our detailed analysis of these stocks, go directly to Short Sellers Were Right About These 10 Stocks. 

5. Shift Technologies, Inc. (NASDAQ:SFT)

Number of Hedge Fund Holders: 12  

Float Shorted: 36%

Decline in Share Price Over Past Six Months: 78%      

Shift Technologies, Inc. (NASDAQ:SFT) owns and runs an ecommerce platform for used cars. Hedge funds have been selling the stock in recent months. At the end of the fourth quarter of 2021, 12 hedge funds in the database of Insider Monkey held stakes worth $33 million in Shift Technologies, Inc. (NASDAQ:SFT), compared to 14 in the previous quarter worth $71 million.

In December, JPMorgan analyst Rajat Gupta had downgraded Shift Technologies, Inc. (NASDAQ:SFT) stock to Neutral from Overweight without a price target, noting that “prolonged labor and capacity constraints” were the main influences behind the downgrade.