Shopify Inc (NYSE:SHOP) Short Interest Update

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Shopify Inc (NYSE:SHOP) (TSE:SHOP) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 4,364,000 shares, a drop of 24.5% from the May 30th total of 5,782,300 shares. Approximately 4.5% of the company’s stock are sold short. Based on an average trading volume of 1,880,000 shares, the short-interest ratio is currently 2.3 days.

Shopify stock traded down $4.98 during trading hours on Friday, hitting $310.02. The stock had a trading volume of 2,023,398 shares, compared to its average volume of 1,730,814. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.56 and a quick ratio of 12.57. The company has a market cap of $35.12 billion, a PE ratio of -508.23 and a beta of 1.30. Shopify has a 12-month low of $117.64 and a 12-month high of $338.94. The stock has a 50-day simple moving average of $300.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, April 30th. The software maker reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.44. The business had revenue of $320.50 million during the quarter, compared to analysts’ expectations of $310.11 million. Shopify had a negative net margin of 6.17% and a negative return on equity of 3.74%. The business’s revenue for the quarter was up 49.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 earnings per share. As a group, equities analysts forecast that Shopify will post -0.78 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC raised its holdings in shares of Shopify by 328.1% during the first quarter. Valeo Financial Advisors LLC now owns 137 shares of the software maker’s stock valued at $28,000 after purchasing an additional 105 shares during the last quarter. Tortoise Investment Management LLC bought a new stake in Shopify during the first quarter valued at approximately $29,000. Sound Income Strategies LLC grew its position in Shopify by 8,100.0% during the first quarter. Sound Income Strategies LLC now owns 164 shares of the software maker’s stock valued at $34,000 after buying an additional 162 shares during the period. Beutel Goodman & Co Ltd. bought a new stake in Shopify during the first quarter valued at approximately $35,000. Finally, Signaturefd LLC grew its position in Shopify by 56.9% during the first quarter. Signaturefd LLC now owns 171 shares of the software maker’s stock valued at $35,000 after buying an additional 62 shares during the period. 66.47% of the stock is owned by hedge funds and other institutional investors.

SHOP has been the subject of a number of recent research reports. CIBC cut shares of Shopify from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $260.00 to $350.00 in a research report on Thursday, June 20th. They noted that the move was a valuation call. Macquarie lifted their price target on shares of Shopify to $230.00 and gave the company an “outperform” rating in a research report on Wednesday, March 27th. Jefferies Financial Group raised shares of Salvatore Ferragamo Italia from an “underperform” rating to a “hold” rating in a research report on Wednesday, June 26th. Guggenheim cut shares of Shopify from a “buy” rating to a “neutral” rating in a research report on Monday, May 13th. Finally, Robert W. Baird initiated coverage on shares of TAIWAN LIPOSOME/S in a research report on Thursday, June 20th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $298.00.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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