ShiftPixy (NASDAQ: PIXY) is a stock that's been around for a bit. It's also a company that hasn't been - so far at least - able to capitalise upon its opportunities. As was pointed out elsewhere: “ShiftPixy itself is one of those ideas that might have come off but it appears that it didn't. It's an app and system aiding gig work in the restaurant world. Sure, we all know about gig work and Deliveroo and Uber, and the rest. But restaurant work does have quite a flow of staff through jobs over time. There are large changes in demand so flexibility in the workforce both happens and is desired. We can imagine that restauranteurs might be keen to sign up to a system that offers a pool of workers than can be matched to that changing demand.” Well, yes, OK, that could have happened but it didn't. So, bad idea then. There was also that spin off of AXH on the grounds that not to do so might leave PIXY classified as an investment company.
Since then, and much more recently, there's been the announcement that ShiftPixy will try to raise capital with a stock issue. That could obviously create weakness but that news was a couple of weeks back. So that shouldn't - not on that news alone - be influencing the price so much today.
ShiftPixy stock price from NASDAQ
However, we've got entirely another method of valuing a stock here. As with Matt Moulding at THG, if someone does this sort of thing: “ShiftPixy's CEO Scott Absher said, “I have been tracking naked short selling patterns since we first listed. We are now seeing algorithmic trading running wild as these trades appear to be run through a black box that is out-of-compliance with Regulation SHO and the Fair Market Making Requirement. We are able to track trading activity in real time with Level ll data and DTC weekly reporting, and can now track the registered market makers conducting these trades, either as a proprietary transaction, on behalf of a client, or via a sponsored or market access agreement.” Mr. Absher went on to say, “We will be among the first to correlate monthly market maker share volume, daily short volume and share imbalance data within this legal framework strategy to identify and uncover suspicious trading activity on which we can follow up with appropriate legal action.””
If you;re going to start shouting that your stock price performance is all because of short sellers then sorry, you're awa' with the pixies. You simply do not understand how stock markets work and therefore really just shouldn't be running a company on one. Sounds harsh perhaps but we've found it to be an infallible guide so far.
