Short Interest in Shopify Inc. (NYSE:SHOP) Declines By 20.3%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 17,070,000 shares, a drop of 20.3% from the October 31st total of 21,420,000 shares. Based on an average daily volume of 7,090,000 shares, the short-interest ratio is currently 2.4 days. Approximately 1.4% of the company’s shares are short sold.

Shopify Trading Up 2.7 %

NYSE SHOP opened at $115.60 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market cap of $149.37 billion, a PE ratio of 108.04, a P/E/G ratio of 3.04 and a beta of 2.36. Shopify has a one year low of $48.56 and a one year high of $116.35. The firm’s fifty day moving average is $89.16 and its two-hundred day moving average is $74.06.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOP. KeyCorp increased their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial raised their price target on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Wedbush reissued a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, Argus raised shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $95.84.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SHOP. Cetera Investment Advisers raised its holdings in Shopify by 414.8% during the first quarter. Cetera Investment Advisers now owns 280,607 shares of the software maker’s stock worth $21,654,000 after purchasing an additional 226,096 shares in the last quarter. Cetera Advisors LLC grew its position in Shopify by 42.5% during the first quarter. Cetera Advisors LLC now owns 93,440 shares of the software maker’s stock worth $7,211,000 after buying an additional 27,885 shares during the period. Cambridge Trust Co. grew its position in Shopify by 390.4% during the first quarter. Cambridge Trust Co. now owns 1,790 shares of the software maker’s stock worth $138,000 after buying an additional 1,425 shares during the period. DekaBank Deutsche Girozentrale grew its position in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Shopify by 73.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock worth $171,000 after buying an additional 1,032 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.