This Is What Whales Are Betting On Shopify
Portfolio Pulse from Benzinga Insights
A significant investor has taken a bearish stance on Shopify (NYSE:SHOP), with 63% of recent trades being bearish. The price target for Shopify over the last 3 months has been between $45.0 and $85.0. JMP Securities has downgraded Shopify to Market Outperform with a price target of $72, while Canaccord Genuity has upgraded it to Buy with a price target of $70. The stock is currently down 1.23% at $51.21, and the next earnings are expected in 28 days.
September 28, 2023 | 2:16 pm
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Shopify has seen a bearish stance from a significant investor, with 63% of recent trades being bearish. The stock is currently down 1.23% at $51.21. JMP Securities has downgraded Shopify to Market Outperform with a price target of $72, while Canaccord Genuity has upgraded it to Buy with a price target of $70.
The bearish stance from a significant investor, along with the current downward trend in the stock price, suggests a negative short-term impact. However, the upgrades from JMP Securities and Canaccord Genuity could potentially offset this in the longer term.
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IMPORTANCE 80
RELEVANCE 100