STOCKS TELEGRAPH

Tag: Pixy stock

  • ShiftPixy (PIXY) Stock Soars After Major Acquisition Announcement

    ShiftPixy (PIXY) Stock Soars After Major Acquisition Announcement

    ShiftPixy, Inc. (NASDAQ: PIXY) is experiencing a remarkable increase on the charts following the announcement of a significant acquisition. As of the latest market check, PIXY shares impressively surged 122.51% to $12.24. This dramatic rise reflects investor confidence in its strategic direction and growth potential.

    Details of ShiftPixy’s Acquisition Move

    In a $150 million deal, ShiftPixy (PIXY) announced that it has acquired TurboScale, a cutting-edge AI technology company that specializes in the deployment of AI models and scalable GPU cloud infrastructure. The transaction, which includes $75 million in debt and $75 million in equity, demonstrates PIXY’s commitment to developing its technological prowess and promoting innovation via artificial intelligence.

    PIXY gained access to a platform that offers private cloud solutions and affordable, highly flexible virtual machines that can be used for a variety of organizational requirements, from small trials to large-scale AI deployments.

    PIXY is Enhancing Workforce Solutions

    By integrating TurboScale’s advanced GPU cloud and AI technologies, ShiftPixy aims to bolster its ability to optimize staffing efficiency, enhance labor forecasting, and deliver advanced AI-driven workforce solutions across various industries. The collaboration is anticipated to produce cutting-edge workforce management tools, empowering businesses to implement innovative, AI-powered solutions designed to facilitate scalability.

    Artificial intelligence will complement human intelligence, ultimately enhancing workforce productivity. ShiftPixy serves as an ideal platform for diverse AI applications, and the two companies intend to develop training and inference infrastructure tailored for vertical applications in human resources, sales, customer service, and more.

    Prospects for the Future and a dedication to innovation

    ShiftPixy intends to streamline workforce management with this purchase by implementing improved AI-powered capabilities including real-time predictive analytics and machine learning-driven automation. Businesses will be able to fully utilize AI thanks to TurboScale’s scalable solutions, which guarantee flexibility and cost effectiveness.

    After the purchase, ShiftPixy expects to develop and innovate more quickly, and it plans to launch new AI-powered solutions by the beginning of 2025. This collaboration demonstrates the company’s goal to be at the forefront of technology advancement and workforce automation in order to provide its clients with more intelligent and flexible staffing options.

  • ShiftPixy Inc. (PIXY) Advances Further After Hours on Amendment to Quarterly SEC Filing

    ShiftPixy Inc. (PIXY) Advances Further After Hours on Amendment to Quarterly SEC Filing

    On January 18, ShiftPixy Inc. (PIXY) filed an amendment to its quarterly report on Form 10-Q for the period ended November 30, 2021. Consequently, the stock surged in the following trading sessions.

    During the regular session, the stock added a huge 31.50% at its closing price of $1.67. PIXY increased by a further 7.78% in the after-hours session. Resultantly, the stock was trading at $1.80 at an after-hours volume of 1.27 million on Wednesday.

    ShiftPixy Inc. is a Florida-based national staffing enterprise with a market capitalization of $36.47 million. Currently, the company has 28.71 million shares outstanding in the market. In the past five days, PIXY stock has increased by 63.73% while adding 42.74% year to date.

    What’s going on?

    The company filed an amendment to its quarterly Form 10-K report for correcting a technical error with the software of its EDGAR service provider. The quarterly report on Form 10-K was recently filed with the U.S. Securities and Exchange Commission on January 14, 2022.

    Moreover, the amendment did not modify or update any of the financial information in the original report.

    PIXY’s Quarterly Report Highlights

    As per the results of the quarter ended November 30, 2021, PIXY had consolidated revenues of $8,940,000. Comparatively, the same was $2,503,000 in the year-ago period.

    Furthermore, in the quarter ended November 30, 2021, the net loss was $8,713,000 against $6,936,000 in the year-ago quarter. Therefore, the net loss per basic and diluted share was $0.24 and $0.22 in the quarter ended November 30, 2021, and 2020, respectively.

    PIXY’s Recent Participations

    On December 14, the company hosted meetings and participated in a panel discussion at the Wolfe Consumer Growth Conference. The panel discussion was titled “Shifting Consumer Behaviors – Stay at Home or On the Road?”.

    Previously, PIXY also participated and presented at the Sidoti Virtual Conference, on Wednesday, December 8, 2021.

    Other Developments

    On October 27, the company had announced Amanda Murphy’s promotion to the post of Chief Operating Officer. The promotion was effective as of January 1, 2022.

    Further on, Ms. Murphy was the company’s Director of Operations since January 2016. Also, since April 2020, she has been a member of the company’s board of directors.

    Before that, On October 25, PIXY announced the completion of an initial public offering of Industrial Human Capital, Inc.’s common stock. Sponsored by the company’s wholly-owned subsidiary, ShiftPixy Investments, Inc., Industrial Human Capital is a SPAC (special purpose acquisition company).

  • ShiftPixy, Inc. (PIXY) Stock Undergoes Minor Volatility as MIAMI WORKS Campaign Continues

    ShiftPixy, Inc. (PIXY) stock prices were down by 3.39% as of the market closing on July 1st, 2021, bringing the price per share down to USD$2.28 at the end of the trading day. Subsequent pre-market fluctuations saw the stock rally by 1.75%, bringing it up to USD$2.32.

    MIAMI WORKS Campaign

    June 23rd, 2021 saw the company announce the launch of the MIAMI WORKS campaign, which provides staffing and recruiting solutions to facilitate the circumvention of the pandemic-driven staffing shortage in the restaurant and hospitality industries. PIXY hosted the first in a series of recruiting events on June 26th, 2021 in collaboration with local universities and community development groups. The event provided a platform for shift workers to easily find job opportunities that compensated workers with living wages, a signup bonus, flexible schedules, healthcare, workers’ compensation, and 401K benefits.

    Pandemic in South Florida

    South Florida was hit especially hard by severe staffing shortages following the outbreak of the pandemic, which proved to be a major challenge given how it relies so heavily on the hospitality and tourism business. The campaign will help business connect with and recruit willing and eligible workers more easily, facilitating the moves to get operations back to normal to effectively meet customer demand. A 60-day marketing effort has been initiated since the inauguration of the event, which seeks to connect the registered workforce to open positions across restaurants and other hospitality operators in the Miami area.

    Delivery Services Affected

    Compounding the effects of the labor shortage, third-party delivery services are facing a threat from authorities that would necessitate them to reclassify drivers as employees, rather than independent contractors. This has the potential of putting their business model and the restaurants they serve at risk. PIXY also facilitates the provision of a stable platform that offers fair wages and benefits for the delivery workers, allowing restaurants to reduce their reliance on third-party services by ramping up their own recruiting and staffing efforts.

    Facilitating Accessibility

    The job fair saw local restaurants and hospitality operators in PIXY-served communities being represented, where they were directly connected with the on-demand workforce. The process was made more accessible with the provision of the ability to complete onboarding quickly and efficiently, in an entirely paperless fashion.

    Future Outlook for PIXY

    Armed with the ongoing job fairs that increase the company’s scope and consolidate its brand image, PIXY is poised to capitalize on its trajectory of success. Investors are hopeful that the company will be able to usher in organic and long-term growth by making the most of the opportunities afforded to it.

  • ShiftPixy (PIXY) revealed decent Earnings results despite Covid-19 woes

    ShiftPixy (PIXY) revealed decent Earnings results despite Covid-19 woes

    ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based recruiting business that develops, operates, and offers access to an innovative, transformative network that enables work in the quickly expanding Gig Economy, released financial results for the year ended August 31, 2020.

    Owing to new consumer acquisitions and COVID-19 rehabilitation for current clients, quarterly gross billings increased to $18.7 million for Q4 2020, a sequential rise of $4.3 million or 30 percent from Q3 2020.

    Gross billings from ongoing activities were $66 million for the entire fiscal year, compared to $73 million for 2019, largely due to COVID-19 results in 2020, as well as consumer cancellations primarily during calendar 2019 in the early part of 2020.

    For Q4 2020, quarterly sales increased to $2.4 million, a sequential 20 percent improvement from Q3 2020.

    Revenues declined 17 percent to $8.6 million for the whole fiscal year, compared to $10.5 million for 2019, largely as a result of our strategic decision to change the company’s consumer attention during 2019, as well as the negative effect of the headwinds of COVID-19 growth.

    Gross profit for 2020 was $1.0 million, falling 50 percent from $1.9 million in gross profit for 2019, due to rises in workers’ compensation costs.

    Operating loss for 2020 rose from $15.6 million in 2019 by $6.0 million to $21.6 million, of which $3.5 million was a non-cash asset depletion fee attributed to previously capitalized software, together with an increase in stock-based compensation of $1.0 million.

    EBITDAS Loss increased from $14.7 million for 2019 to $16.2 million for 2020 due to reduced margins of $1.0 million and increased investment in the production of our mobile application, balanced by lowered operating costs.

    Investment in our implementation of smartphone apps and infrastructure technologies has grown from $3.1 million in 2019 to $4.2 million in 2020. Complete spending in the Human Resource Information System and smartphone apps is reportedly $20.7 million.