The Shyft Group (NASDAQ:SHYF) Stock Price Down 3.7% After Analyst Downgrade

Posted by on Aug 1st, 2023

The Shyft Group, Inc. (NASDAQ:SHYF – Get Free Report) was down 3.7% during mid-day trading on Monday after Raymond James lowered their price target on the stock from $26.00 to $18.00. The company traded as low as $14.43 and last traded at $14.55. Approximately 529,865 shares were traded during trading, an increase of 95% from the average daily volume of 272,287 shares. The stock had previously closed at $15.11.

Several other analysts also recently weighed in on the company. TheStreet downgraded The Shyft Group from a “b-” rating to a “c” rating in a report on Friday, April 28th. DA Davidson downgraded The Shyft Group from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $16.00 in a research note on Friday. Finally, Craig Hallum downgraded The Shyft Group from a “buy” rating to a “hold” rating and lowered their target price for the company from $35.00 to $16.00 in a research note on Thursday, July 27th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, The Shyft Group has an average rating of “Moderate Buy” and an average target price of $22.50.

Institutional Investors Weigh In On The Shyft Group

Several large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio boosted its holdings in shares of The Shyft Group by 55.8% in the third quarter. Public Employees Retirement System of Ohio now owns 1,301 shares of the company’s stock valued at $27,000 after acquiring an additional 466 shares in the last quarter. Quarry LP lifted its stake in The Shyft Group by 1,501.9% during the first quarter. Quarry LP now owns 1,650 shares of the company’s stock valued at $38,000 after purchasing an additional 1,547 shares during the last quarter. Point72 Hong Kong Ltd increased its holdings in shares of The Shyft Group by 548.0% in the first quarter. Point72 Hong Kong Ltd now owns 1,756 shares of the company’s stock valued at $63,000 after buying an additional 1,485 shares in the last quarter. Citigroup Inc. grew its holdings in shares of The Shyft Group by 29.7% in the 1st quarter. Citigroup Inc. now owns 2,386 shares of the company’s stock worth $54,000 after acquiring an additional 547 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of The Shyft Group by 57.5% during the third quarter. UBS Group AG now owns 3,050 shares of the company’s stock valued at $63,000 after purchasing an additional 1,114 shares during the last quarter. Institutional investors and hedge funds own 83.26% of the company’s stock.

The Shyft Group Price Performance

The stock has a 50 day moving average of $22.31 and a two-hundred day moving average of $24.82. The stock has a market cap of $504.47 million, a PE ratio of 12.33 and a beta of 1.95. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.13 and a current ratio of 1.86.

The Shyft Group Company Profile

(Get Free Report)

The Shyft Group, Inc manufactures and assembles specialty vehicles for the commercial vehicle and recreational vehicle industries in the United States and internationally. It operates in two segments, Fleet Vehicles and Services, and Specialty Vehicles. The Fleet Vehicles and Services segment manufactures and sells commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries.

Featured Stories

Receive News & Ratings for The Shyft Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Shyft Group and related companies with MarketBeat.com's FREE daily email newsletter.