Stock Alert: Shift Technologies Tanks 27%

(RTTNews) - Shares of Shift Technologies, Inc. (SFT) are slipping nearly 27% on Friday morning, after the auto e-commerce company's third-quarter results missed the Street view.

SFT is currently trading at $7.18, down $2.71 or 27.40%, on the Nasdaq.

Third-quarter net loss of $23.32 million or $0.64 per share, was wider than last year's loss of $18.98 million or $0.55 per share last year. However, total revenues grew 31% to $59.91 million from $45.86 million last year.

Analysts polled by Thomson Reuters estimated a loss of $0.22 per share on revenues of $72.65 million.