Short Interest in Shopify Inc. (NYSE:SHOP) Increases By 45.4%

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP was the target of a significant increase in short interest in 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 shares of the stock are short sold. Based on an average daily trading volume, of 13,160,000 shares, the days-to-cover ratio is currently 2.1 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. KeyCorp cut their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Mizuho cut their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Loop Capital cut their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.66.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SHOP. Tallon Kerry Patrick acquired a new position in shares of Shopify during the 4th quarter valued at about $230,000. Brighton Jones LLC boosted its stake in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the period. Van ECK Associates Corp boosted its stake in Shopify by 18.2% during the 4th quarter. Van ECK Associates Corp now owns 49,444 shares of the software maker's stock valued at $5,258,000 after purchasing an additional 7,615 shares during the period. Chevy Chase Trust Holdings LLC bought a new stake in Shopify during the 4th quarter valued at approximately $213,000. Finally, Valeo Financial Advisors LLC boosted its stake in Shopify by 16.1% during the 4th quarter. Valeo Financial Advisors LLC now owns 20,077 shares of the software maker's stock valued at $2,135,000 after purchasing an additional 2,788 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 0.5%

SHOP stock traded down $0.56 during mid-day trading on Thursday, hitting $105.97. The stock had a trading volume of 5,956,302 shares, compared to its average volume of 9,290,315. The stock has a market capitalization of $137.48 billion, a price-to-earnings ratio of 68.37, a PEG ratio of 4.82 and a beta of 2.63. The company has a fifty day moving average of $100.28 and a 200 day moving average of $104.91. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify Company Profile

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.