ShiftPixy, Inc. (NASDAQ: PIXY), app-maker to the exploding gig economy, on Thursday gave investors something to cheer about when it announced the launch of its brand new mobile app. According to the release, the newly launched app has been designed with specific aims ion mind. Specifically the app was created to help to bridge the gap between providers of shift-based employment and employees looking for additional, hourly opportunities. This is good news for the estimated millions of casual workers that are seeking employment on various platforms like Uber and others.
The ongoing demand for mobile workers could really add some oomph to the upside opportunities inherent in a stock like PIXY. Following the news of the newly launched app investors took to the trading floors and help PIXY to post a modest spike in trading. After opening at 4.66 PIXY rallied to a high of 5.46. There was a slight pullback to 4.50 but PIXY recovered towards the end of the session reaching back to close at 4.92 on volume of 1.19M shares. Incidentally, the big show from investors ensured that PIXY would surpass the average volume mark of around 800K established over the last 30 days.
There’s still a ways to go for PIXY, though; the stock has still yet to develop a consistent stream of trading. As a matter of fact, there’s no record of a YTD performance for the stock because its only recently (July) started to trade really serious numbers for analysts and investors alike to get acquainted with the stick properly. There’s also no target price, a sign perhaps that analysts are still trying to figure out where to project PIXY. The DMA 20 is down 35%; so too is the DMA 50 which is down 36%. PIXY’s new app will be a huge catalyst going forward.