Shopify Inc. (NASDAQ:SHOP) Sees Significant Decrease in Short Interest

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) was the recipient of a significant decline in short interest in the month of 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 trading volume of 5,633,106 shares, the short-interest ratio is presently 2.1 days. Currently, 0.9% of the shares of the company are sold short. Currently, 0.9% of the shares of the company are sold short. Based on an average trading volume of 5,633,106 shares, the short-interest ratio is presently 2.1 days.

Shopify Trading Down 8.6%

Shares of NASDAQ:SHOP traded down $12.41 during trading on Friday, hitting $131.23. 13,545,645 shares of the company were exchanged, compared to its average volume of 7,847,877. The stock has a market cap of $170.84 billion, a price-to-earnings ratio of 97.21, a P/E/G ratio of 3.87 and a beta of 2.83. Shopify has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm has a fifty day moving average price of $158.37 and a two-hundred day moving average price of $151.53.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, research analysts predict that Shopify will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. CIBC reissued an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Oppenheimer reiterated an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Needham & Company LLC reiterated a “buy” rating and set a $180.00 target price on shares of Shopify in a research report on Wednesday, November 5th. Wedbush reiterated an “outperform” rating and issued a $185.00 price target (up previously from $160.00) on shares of Shopify in a report on Tuesday, November 4th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Twenty-four research analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $171.61.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of the business. Laurel Wealth Advisors LLC bought a new stake in shares of Shopify during the 4th quarter valued at $42,000. Delta Investment Management LLC bought a new stake in shares of Shopify during the 4th quarter valued at approximately $203,000. US Bancorp DE grew its stake in shares of Shopify by 29.8% during the fourth quarter. US Bancorp DE now owns 86,444 shares of the software maker’s stock worth $13,915,000 after buying an additional 19,857 shares during the last quarter. Levin Capital Strategies L.P. acquired a new stake in shares of Shopify during the fourth quarter valued at about $483,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co bought a new position in Shopify during the 4th quarter worth $1,021,000. 69.27% of the stock is owned by institutional investors.

Shopify Company Profile

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.