Shopify Inc (NYSE:SHOP) Short Interest Down 24.5% in June

Shopify Inc (NYSE:SHOP) (TSE:SHOP) was the target of 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 shares of the company are short sold. Based on an average trading volume of 1,880,000 shares, the short-interest ratio is presently 2.3 days.

Several research firms have commented on SHOP. Wedbush cut shares of Shopify from an “outperform” rating to a “neutral” rating in a research note on Tuesday, June 25th. 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. Barclays boosted their target price on shares of from GBX 200 ($2.61) to GBX 210 ($2.74) and gave the stock an “equal weight” rating in a research report on Friday, June 21st. Piper Jaffray Companies reiterated a “buy” rating on shares of Beigene in a research note on Thursday, June 20th. Finally, UBS Group upgraded shares of to a “neutral” rating and lifted their price target for the stock from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $298.00.

Shares of NYSE SHOP traded down $5.54 during trading hours on Friday, hitting $309.46. The company had a trading volume of 1,631,966 shares, compared to its average volume of 1,721,065. The stock has a market capitalization of $35.56 billion, a PE ratio of -507.31 and a beta of 1.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.56 and a quick ratio of 12.57. Shopify has a 1-year low of $117.64 and a 1-year high of $338.94. The firm’s 50 day moving average price is $300.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, April 30th. The software maker reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.35) by $0.44. The company had revenue of $320.50 million during the quarter, compared to the consensus estimate of $310.11 million. Shopify had a negative return on equity of 3.74% and a negative net margin of 6.17%. The firm’s revenue for the quarter was up 49.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Equities research analysts expect that Shopify will post -0.78 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Financial Planning LLC bought a new stake in Shopify in the 4th quarter valued at $26,000. Valeo Financial Advisors LLC raised its stake in Shopify by 328.1% in the 1st quarter. Valeo Financial Advisors LLC now owns 137 shares of the software maker’s stock valued at $28,000 after acquiring an additional 105 shares during the period. Tortoise Investment Management LLC bought a new stake in Shopify in the 1st quarter valued at $29,000. Sound Income Strategies LLC raised its stake in Shopify by 8,100.0% in the 1st quarter. Sound Income Strategies LLC now owns 164 shares of the software maker’s stock valued at $34,000 after acquiring an additional 162 shares during the period. Finally, Beutel Goodman & Co Ltd. bought a new stake in Shopify in the 1st quarter valued at $35,000. 66.47% of the stock is owned by institutional investors.

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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