Short Interest in Shopify Inc. (NASDAQ:SHOP) Declines By 22.4%
by Danessa Lincoln · The Markets DailyShopify Inc. (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) was the recipient of a significant decline in short interest in January. As of January 15th, there was short interest totaling 11,795,858 shares, a decline of 22.4% from the December 31st total of 15,203,959 shares. Based on an average daily volume of 5,633,106 shares, the short-interest ratio is presently 2.1 days. Approximately 0.9% of the company’s stock are sold short. Approximately 0.9% of the company’s stock are sold short. Based on an average daily volume of 5,633,106 shares, the short-interest ratio is presently 2.1 days.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on SHOP. Wedbush reaffirmed an “outperform” rating and set a $185.00 target price (up from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. CIBC reissued an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Morgan Stanley restated an “overweight” rating and issued a $192.00 price objective (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.
Get Our Latest Stock Report on SHOP
Shopify Stock Down 8.6%
Shares of SHOP stock traded down $12.41 during trading on Friday, hitting $131.23. The company had a trading volume of 13,545,645 shares, compared to its average volume of 7,847,877. The stock’s 50-day moving average is $158.37 and its two-hundred day moving average is $151.53. The stock has a market capitalization of $170.84 billion, a price-to-earnings ratio of 97.21, a price-to-earnings-growth ratio of 3.87 and a beta of 2.83. Shopify has a 52 week low of $69.84 and a 52 week high of $182.19.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, research analysts predict that Shopify will post 1.12 EPS for the current fiscal year.
Institutional Investors Weigh In On Shopify
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC grew its position in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify during the third quarter valued at approximately $27,000. Tradewinds Capital Management LLC boosted its holdings in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Estabrook Capital Management bought a new position in Shopify in the 2nd quarter worth $29,000. 69.27% of the stock is currently owned by institutional investors.
About Shopify
Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.
Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.