SFT - Heavily-shorted Shift Technologies jumps amid institutional buying

Shares of Shift Technologies ( NASDAQ: SFT ) ticked over the $1 mark after SG Americas Securities disclosed a stake in the company.

Per a 13-F filing, the asset manager took a 701,236-share position in the online auto retailer during the second quarter. That figure amounts to about a 0.83% stake in the company. Shares jumped over 20% at the intraday high after the disclosure.

Despite the daily leap, the stock has slumped over 70% year to date and nearly 90% over the one year period. The name has become a favorite among shortsellers in that period, with short interest on the stock remaining at 19.59% of its float, per SeekingAlpha data.

Read more on why SeekingAlpha’s Quant team sees further declines ahead .

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