Shopify Inc. (NYSE:SHOP) Short Interest Update

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP was the recipient of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 27,200,000 shares, an increase of 45.4% from the May 15th total of 18,710,000 shares. Approximately 2.3% of the company's shares are sold short. Based on an average trading volume of 13,160,000 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SHOP. Royal Bank of Canada dropped their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. UBS Group dropped their price objective on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Oppenheimer decreased their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. BNP Paribas Exane downgraded Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price for the company. in a research report on Monday, May 5th. Finally, Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Up 2.9%

SHOP traded up $3.03 on Monday, hitting $108.37. 7,256,953 shares of the company traded hands, compared to its average volume of 9,340,392. The company has a 50 day moving average of $99.26 and a 200-day moving average of $104.94. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market capitalization of $140.32 billion, a PE ratio of 69.92, a PEG ratio of 4.82 and a beta of 2.63.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cim LLC lifted its holdings in Shopify by 1.3% in the first quarter. Cim LLC now owns 12,512 shares of the software maker's stock valued at $1,194,000 after acquiring an additional 160 shares during the period. Modern Wealth Management LLC lifted its stake in shares of Shopify by 14.2% in the first quarter. Modern Wealth Management LLC now owns 2,743 shares of the software maker's stock valued at $262,000 after purchasing an additional 342 shares during the period. Anson Funds Management LP purchased a new stake in Shopify during the first quarter worth about $955,000. Anderson Financial Strategies LLC purchased a new stake in Shopify during the first quarter worth about $267,000. Finally, Strs Ohio acquired a new position in Shopify during the first quarter worth about $30,577,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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