Short Interest in Shopify Inc. (NYSE:SHOP) Declines By 22.0%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 13,170,000 shares, a drop of 22.0% from the January 15th total of 16,890,000 shares. Based on an average daily trading volume, of 8,540,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 1.1% of the company’s shares are short sold.

Shopify Stock Performance

SHOP traded up $0.71 during trading hours on Friday, hitting $128.36. The stock had a trading volume of 8,508,068 shares, compared to its average volume of 6,434,349. The company’s fifty day simple moving average is $111.90 and its 200 day simple moving average is $92.98. Shopify has a 1 year low of $48.56 and a 1 year high of $128.57. The stock has a market cap of $165.85 billion, a PE ratio of 119.96, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Equities analysts anticipate that Shopify will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the company. Blue Rock Wealth Management LLC purchased a new position in Shopify during the 4th quarter valued at about $659,000. Mercer Global Advisors Inc. ADV grew its holdings in Shopify by 2.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 49,442 shares of the software maker’s stock valued at $5,257,000 after buying an additional 1,372 shares in the last quarter. Keel Point LLC grew its holdings in Shopify by 14.2% during the 4th quarter. Keel Point LLC now owns 3,020 shares of the software maker’s stock valued at $321,000 after buying an additional 375 shares in the last quarter. Davidson Kahn Capital Management LLC purchased a new position in Shopify during the 4th quarter valued at about $223,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Shopify by 3.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,606,525 shares of the software maker’s stock valued at $170,889,000 after buying an additional 46,604 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. KeyCorp raised 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. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 10th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Piper Sandler raised their price objective on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Oppenheimer increased their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $126.21.

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.