© Reuters. Is ShiftPixy a Winner in the Software Industry?
Part-time staffing service provider ShiftPixy (PIXY) has seen significant demand for its services amid the COVID-19 pandemic. However, the question now is will the stock maintain its momentum amid the economy’s reopening and declining jobless claims? Let’s find out.Specialized staffing provider ShiftPixy, Inc. (PIXY) offers access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing “gig economy”. PIXY focuses primarily on clients in the restaurant and hospitality industries. The stock hit its $15.56 52-week high on May 19 following the company’s first international expansion into Canada. However, it has lost 28.9% over the past three months to close yesterday’s trading session at $2.41.
Because countless people lost their permanent jobs amid the COVID-19 pandemic, the demand for part-time jobs increased, driving increased demand for PIXY’s services. However, jobless claims fell to as low as 13,000 in April. As the economy gradually reopens and the permanent job situation improves, the demand for PIXY’s services could decline.
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