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

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 14,473,822 shares, a growth of 68.2% from the January 29th total of 8,607,150 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily volume of 23,609,317 shares, the short-interest ratio is currently 0.6 days. Based on an average daily volume of 23,609,317 shares, the short-interest ratio is currently 0.6 days. Currently, 1.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SHOP shares. Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the stock a “buy” rating in a report on Thursday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $175.00 price target on shares of Shopify in a research report on Thursday, February 12th. Wells Fargo & Company set a $191.00 price objective on Shopify and gave the company an “overweight” rating in a report on Thursday, February 12th. Finally, BNP Paribas Exane initiated coverage on shares of Shopify in a research report on Monday, November 24th. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in SHOP. Clearwave Capital LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $644,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Shopify in the fourth quarter valued at $80,000. Tempo Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at $1,257,000. Thryve Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth about $445,000. Finally, MidFirst Bank purchased a new position in Shopify during the 4th quarter valued at about $589,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 1.4%

NASDAQ:SHOP traded down $1.73 on Monday, reaching $119.00. The company’s stock had a trading volume of 3,310,139 shares, compared to its average volume of 13,098,584. Shopify has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a 50 day moving average price of $141.56 and a 200 day moving average price of $149.63. The firm has a market cap of $154.92 billion, a price-to-earnings ratio of 127.96, a price-to-earnings-growth ratio of 4.40 and a beta of 2.83.

About Shopify

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.