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ShiftPixy, Inc. (PIXY) Stock Tumbling in Premarket. Here’s What you Should Know.

ShiftPixy, Inc. (PIXY) provides human resource consultation services and employment administrative services. The company mainly serves the consumer base from the restaurant and hospital service industries. The company addresses submission for unbiased employment practices in the rising Gig Economy.

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The price of PIXY Stock during the regular trading on December 29, 2021, with a 26.79% increase was $1.42. At last check in the premarket on December 30, 2021, the stock plummeted by 9.86%.

PIXY: Events and Happenings

On December 08, 2021, PIXY reported that it hosted the meetings and participated in a dialogue titled, ‘Shifting Consumer Behaviors – Stay at Home or On the Road’ at the Wolfe Consumer Growth Conference. The conference took place on December 14.

PIXY: Key Financials

On December 3, 2021, PIXY reported operating results for its fiscal year ended August 31, 2021. Some of the important highlights are as follows

Total Current Assets

Total current assets of the company were reported to be $5.68 million for the fiscal ended August 31, 2021.

Revenue

Revenue for the fiscal year 2021 was reported to be $23.4 million as compared to the same period prior year when the revenue was $8.6 million. An increase of 171% or $14.8 million was observed over the year.

Net Loss per Share

Basic and diluted net loss was $29.8 million or $0.88 per share for fiscal 2021, as compares to the same period of 2020 when it was $75.3 million or $4.13 per share.

On November 29, 2021, PIXY reported that the company’s executives presented at the Sidoti Conference held virtually on December 8. On October 27, 2021, PIXY reported promoting Amanda Murphy as the new Chief Operating Officer of the company with effect from January 1, 2022. She had already served as the Director of Operations of PIXY and also as a member of the Board of Directors.

On October 25, 2021, PIXY reported the fruitful conclusion of the preliminary public offering of the Industrial Human Capital’s common stock. IHC sold 11,500,000 cohorts at a public price of $10 per cohort. Each cohort consisted of a share of IHC common stock and a warrant. Each warrant acquired one share of IHC common stock at a price of $11.50 per share.

On September 27, 2021, PIXY reported about the finalization of an agreement with Quelliv, Inc. Quelliv is the sole producer and supplier of the biotech anti-viral Genesis One laser system. Both the companies agreed upon supporting the restaurants and retailers in a better way to keep their customers and businesses safe.

On September 1, 2021, PIXY reported about its entry into a definite acquisition contract for a private placement of common stock and warrants. The acquisition resulted in gross proceeds of $12 million to the Company.

Conclusion

Although PIXY stock is 82% up to as compared to the past month, yet it is showing a significant decline in the premarket. The decrease is due to uncertain market conditions as there is no recent press release from the company. The analysts are suggesting that this decline is temporary in view of the recent stock progress made by the company. It certainly has the potential to attract investors.

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